HDFC Life Q4FY23 PAT down -28.5% at Rs362cr on lower investment income and higher actuarial provisions

HDFC Life reported 21.42% surge in total revenues for the March 2023 quarter on consolidated basis at Rs21,471cr. For FY23, HDFC Life reported 16.5% market share among private life insurers. That is market expansion of 70 basis points over the previous year. On a yoy basis, the protection APE was up 20% while the annuity APE was up 59%.

The VNB (value of new business) margins stood at 27.6% for the year while the Return on Embedded value (ROEV) stood at an impressive 19.7%. The embedded value has been estimated for the insurance company at Rs39,527 crore. The full year PAT has grown by 13% at Rs1,360 crore. The company has proposed a final dividend of Rs1.90 per share.

Financial highlights for Mar-23 compared yoy and sequentially

 HDFC Life    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Revenues

₹ 21,471

₹ 17,682

21.42%

₹ 19,718

8.89%

Net Profits

₹ 362

₹ 506

-28.49%

₹ 316

14.58%

      
Diluted EPS

₹ 1.70

₹ 2.47

 

₹ 1.48

 
Net Margins

1.69%

2.86%

 

1.60%

 
Solvency Ratio

2.03

1.76

 

2.09

 
Expense Mgmt Ratio

20.60%

17.30%

 

19.30%

 
Policyholder Liability Ratio

1737.50%

1205.70%

 

1785.80%

 

 

Assets under management has risen yoy from Rs2.04 trillion to Rs2.39 trillion. The value of new business was up sharply on a yoy basis. Operating expenses as a percentage of total premiums went up on a yoy basis from 12.3% to 14.8%. Net margins bounced back to above 2% after being well below 2% in the sequential quarter.

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