HDFC Life has reported a consolidated net profit of Rs 359 crore for the quarter ended March 2023, almost unchanged from Rs 357 crore clocked in the corresponding period of the previous year. The company’s board has proposed a final dividend of Rs 1.9 per share, each with a face value of Rs 10.
First-year premium income for the quarter rose 73% to Rs 4,467 crore during the reporting period. The company’s total annualised premium equivalent (APE) for the financial year stood at Rs 13,336 crore, up 36% from Rs 9,758 crore recorded in previous year. Individual APE was up 39% at Rs 11,401 crore from Rs 8,168 crore in previous year. Total premium income for the year rose to Rs 57,533 crore, an increase of 25% from Rs 45,963 crore in the year-ago period.
The full-year profit after tax rose 12.6% to Rs 1,360 crore. The company’s value of new business rose 37% to Rs 3,674 crore from Rs 2,675 crore in previous year.
“The RBI has permitted HDFC Bank or HDFC to increase their shareholding in HDFC Life to more than 50% prior to the effective date, thus clearing any uncertainty around HDFC Bank’s eventual shareholding in us. We look forward to collaborating with our parent-to-be, towards creating value for all stakeholders,” said HDFC Life MD & CEO Vibha Padalkar.
