Private sector insurer HDFC Life Insurance on Friday posted profit for the third quarter of FY24 at Rs 367.54 crore, up 16.3 per cent in comparison to Rs 315.92 crore during the same period last year. It recorded net premium for the period in review at Rs 15,273.25 crore, up 6 per cent as against Rs 14,402.22 crore during the third quarter of last year.
The income from investments saw a growth of 130.7 per cent on-year to Rs 11,372.04 crore during the quarter ended December 2023 as against Rs 4929.79 crore during the year-ago period.
The first-year premium, HDFC Life said, declined by 1.6 per cent on-year at Rs 2680.49 crore in the December quarter as against Rs 2724.87 crore during the same period last year.
For the nine months of FY24, Individual APE grew 6 per cent on-year to Rs 7271 crore, while total APE rose 5 per cent YoY to Rs 8564 crore.
Commenting on results for nine months ended December 31, 2023, Vibha Padalkar, MD & CEO, said, “We continued to be ranked amongst the top 3 life insurers across individual and group businesses. The number of policies clocked a healthy growth of 9 per cent, outpacing private and overall industry. This aligns with our core objective of establishing a sustainable long-term business by broadening our customer reach. We have covered close to 5 crore lives across our individual and group businesses. Growth from tier-II and -III markets remain strong, witnessing 14 per cent growth year on year. Our retail protection grew by 36 per cent based on individual APE and credit protection clocked 21 per cent growth YoY.”
Towards the latter part of Q3FY24, the company introduced Click 2 Achieve, an industry first, do-it-yourself (DIY) nonpar savings product. “This innovative plan empowers customers to create unlimited combinations, tailor their cash flows to align with personal goals, with the cushion of a guaranteed return. The product has been received well across channels and garnered 100 crore within 4 weeks of its launch. This is our 2nd ‘100 crore in a month’ blockbuster product to be launched this year,” it said in a statement.