HDFC Life's Profit Rises 15% In H1 Due To Growth In New Retail, Protection Operations

HDFC Life Insurance reported a net profit of Rs 792 crore in the first half of FY24, a 15 per cent increase year on year, driven by a 14 per cent increase in total premium to Rs 26,613 crore.

The new business premium, which includes individual and group policies, increased 15 per cent to Rs 12,970 crore, while the renewal premium increased 14 per cent to Rs 13,643 crore.

“We recorded a healthy growth of 10 per cent in individual WRP (weighted received premium) vs 8 per cent for the overall industry, for the half year ended 30 September 2023,” MD and CEO Vibha Padalkar said, adding that the life insurance sector has shown great resilience despite the recent unfavourable budget changes.

“We continued to grow faster than the overall industry and be ranked amongst the top three life insurers across individual and group businesses. We saw an uptick of 10 per cent in the number of individual policies sold, beating industry growth. This healthy volume growth is in line with our stated objective of broadening our customer base,” Padalkar said.

HDFC Life insured over 3 crore people across the individual and group businesses during the six-month period, an increase of 16 per cent on year. Market share, on an individual WRP basis, fell to 15.7 per cent among private life insurers from 16.1 per cent a year ago. However, on a new business premium basis, the share rose to 20.0 per cent from 19.8 per cent. Overall industry market share stood at 10.3 per cent.