HDFC Life Q4 Results: Profit Up 15%, Beats Street Estimates
The private insurer's net profit increased 15% year-on-year to Rs 412 crore in the quarter ended March.
HDFC Life Insurance Co.'s top line rose in the fourth quarter of financial year 2024. The private insurer's net profit increased 15% year-on-year to Rs 412 crore in the quarter ended March, according to an exchange filing on Thursday. Analysts polled by Bloomberg had projected a consensus estimate of Rs 384.2 crore.
The company's net premium rose 5.5% on a yearly basis to Rs 20,533.71 crore.
HDFC Life Q4 FY24 Earnings Highlights (Consolidated, YoY)
Total income up 30.2% at Rs 27,945.31 crore.
Net profit up 15% at Rs 412 crore.
Full Year Highlights (YoY)
Value of new business—the present value of the future profit associated with new business written during the period—declined 5% to Rs 801 crore.
New business margin stood at 26.3% versus 27.6%.
Solvency ratio was at 187% versus 203%.
Board approved final annual dividend of Rs 2 per share.
The company's aim of clocking double-digit growth for the full year was achieved with 11% Annualized Premium Equivalent growth for the previous financial year on a normalised basis, HDFC Life's Chief Executive and Managing Director Vibha Padalkar said in a statement.
Change In Management
HDFC Life appointed Keki Mistry as chairman effective immediately, following Deepak Parekh's decision to step down as chairman and managing director, according to a statement. The board also appointed Venkatraman Srinivasan as an additional - independent director, effective Thursday, for a term of five years, subject to the approval of the shareholders in the ensuing annual general meeting of the company.
Besides, VK Viswanathan and Prasad Chandran will cease to be independent directors of the company upon completion of their two consecutive terms of five years each on April 24.
Shares of HDFC Life rose 1.1% to Rs 611.10 after the announcement. That compares with 0.1% fall in the country's benchmark S&P BSE Sensex.