HDFC Life Insurance Company on Tuesday reported a consolidated net profit of ₹357 crore for the quarter ended March, up 13% as compared to ₹317 crore reported in the last year period.
The company’s board has recommended a final dividend of ₹1.70 tax for 2022.
“We clocked a growth of 16% in individual WRP in FY22 with a market share of 14.8% and 9.3% in the private and overall sector respectively. We continue to deliver consistent all-round performance and be ranked among the top three life insurers in the industry. Despite very trying times during the 2 year pandemic, our 2 year CAGR of 17% was almost 2 times industry growth of 9%,” said HDFC Life MD and CEO Vibha Padalkar.
“Overall protection grew by 24% in terms of APE and 47% in terms of new business premium. This was largely led by a 55% growth in credit life new business premium, on the back of higher disbursements. On the retirement side, our annuity business recorded 24% growth vis-a-vis industry growth of 3%. Annuities now contribute over a fifth of our new business premiums, with us almost doubling our business in the last 3 years,” Vibha said.
On Tuesday, HDFC Life shares were higher by 1.63% in noon deals at ₹548.80 apiece on NSE.