HDFC Life reports its performance in H1 FY24

HDFC Life Insurance Company has shown robust growth in the first half of FY24. Individual Annualized Premium Equivalent (APE) increased by 9% to ₹4,478 crore, and total APE also grew by 9% to ₹5,373 crore. New business premiums rose by 15% YoY during H1, reaching ₹12,970 crore.

For the second quarter of FY24, HDFC Life reported a consolidated net profit of ₹378 crore, reflecting a 15% growth compared to ₹329 crore in the same period last fiscal year.

The company's net premium income in Q2FY24 increased by 13%, reaching ₹14,797 crore from ₹13,138 crore in the previous year.

In H1FY24, the first-year premium experienced a 6% growth at ₹2,566 crore compared to ₹2,423 crore YoY. Their market share for H1FY24 stood at 15.7% in the private sector and 10.3% overall. The company continues to outpace industry growth and ranks among the top three life insurers across individual and group businesses.

The total assets under management (AUM) at the end of the September quarter amounted to ₹2.64 lakh crore, marking an 18% increase from the same period last year.In Q2FY24, the Value of New Business (VoNB) rose by 4% to ₹801 crore, and it increased by 11% in H1FY24, reaching ₹1,411 crore.

HDFC Life saw a 10% uptick in the number of individual policies sold, surpassing industry growth. This aligns with the company's objective to expand its customer base, insuring more than 3 crore lives across individual and group businesses, representing a YoY growth of 16%.