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

Apr 26, 2023

By: BlinkX Research Team

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

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.