HDFC Life reports 10% growth despite budget changes: Half-yearly financial results 2023

For the half year ended September 30, 2023, the Board of Directors at HDFC Life has proudly approved and disclosed both standalone and consolidated financial results. Displaying strength amidst challenges, HDFC Life exhibited a commendable 10% growth in individual WRP, outpacing the industry’s 8%.

A Word from the Leadership

CEO Vibha Padalkar commented on the impressive half-yearly results, stating, “Despite recent budget shifts perceived as challenges, the life insurance industry showcased significant resilience. Our market share touched 15.7% in the private sector and 10.3% overall. With a 10% increase in individual policies and having insured over 3 crore lives, we’ve achieved a YoY growth of 16%. Notably, the robust growth in protection was 28% on a new business premium basis.” Padalkar also highlighted the introduction of two innovative products, HDFC Life Sanchay Legacy and Click 2 Protect Elite, tailored to different customer segments.

Key Financial Metrics for H1 2023

• Individual Annualized Premium Equivalent (APE) grew to Rs. 4,478 Crore, a rise of 9% from last year.
• Total APE stood at Rs. 5,373 Crore, marking a 9% increase.
• New Business Premium (including group) reached Rs. 12,970 Crore, up by 15% YoY.
• Renewal Premium (including group) totaled Rs. 13,643 Crore, a rise of 14%.
• The company’s Assets Under Management were reported at Rs. 2,64,870 Crore, marking an 18% growth.
• Profit After Tax increased by 15%, reaching Rs. 792 Crore.

Recognitions and Accolades

HDFC Life’s commitment to its employees and stakeholders hasn’t gone unnoticed. The insurer was recognized amongst “India’s Best Workplaces for Millennials 2023” and also featured in the list of “100 Best Companies for Women in India 2023”. Their dedication to cultivating an inclusive culture and being an employer of choice further solidified their ranking amongst “Asia’s Best Workplaces 2023”.

Looking Ahead

HDFC Life continues to strive for excellence in the life insurance industry, emphasizing product innovation, broadening their customer base, and ensuring the welfare of their workforce. Their robust financial metrics and recognition in various accolades suggest a promising future.