HDFC Life Insurance Company Limited reported a Profit After Tax (PAT) of Rs1,042cr, with growth of 6% compared Rs984cr for the nine months ended December 31, 2020.
Net worth in 9MFY21 was at Rs8,089cr, an increase of 21% yoy compared to Rs6.670cr in 9MFY20. Total Premium in 9MFY21 was at Rs25.673cr, a 16% rise compared to Rs22.092cr in 9MFY20.
The total annualised premium equivalent (APE) for 9MFY21 was at Rs5,491cr which was a 4% yoy increase over the year-ago period. Individual business APE stood at Rs4,661crefor the nine months, showing a 6% Yyoy growth. Here, protection APE stood at Rs345cr, showing a yoy increase of 17%.
As on December 31, the assets under management stood at Rs1.7 lakh crore. Here, 64% was debt and 36 percent was equity. Further, about 98% of debt investments were in G-Secs and AAA bonds.
The renewal premium saw a 22% growth in 9MFY21 to Rs12,126cr, company announced in the financial results on Monday.
Market share expansion of 214 bps to 16.4%; NBM strong at 25.6%. The company saw 8% Individual WRP growth compared to private industry de-growth of 6%. There was 25.6% New Business Margin on the back of growth and balanced product mix.
“We are witnessing a lift in customer confidence, which is also reflected in the new business premium trends for both the individual as well as the group credit protect business. We continue to see a pickup in the savings business, accompanied by an increase in both the average ticket size as well as number of policies,” Vibha Padalkar, MD and CEO said.
Further, commenting on the 9MFY21 performance, Padalkar said “Our market share in terms of Individual WRP has increased by 214 basis points from 14.3% to 16.4%. We continue to witness sequential improvement in our new business margins, which stood at 25.6% for 9MFY21. Given that the vaccination drive has been initiated and the economic momentum on the ground seems sustained, we will strive for continued new business growth and an upward trajectory on New Business Margins whilst adhering to a conservative risk management approach.”
Ata round 11.06 am, HDFC Life Insurance Company Ltd was trading at Rs680.30 per piece down Rs7.35 or 1.07% from its previous closing of Rs687.65 per piece on the BSE.