HDFC Life Insurance Q1 Results FY2023, PAT at Rs. 365 crores

On 19th July 2022, HDFC Life Insurance announced its quarterly results for the first quarter of FY2023

Q1FY23 Key Highlights:

- The Company reported Individual APE at Rs. 1548 crores for Q1FY23 with a growth of 18% YoY.

- Total APE was reported at Rs. 1904 crores seeing a growth of 22% YoY

- New Business Premium was at Rs. 4776 crores with a growth of 27% YoY.

- The assets under management for Q1FY23 was reported at Rs. 2,00,123 crores seeing a growth of 10% YoY.

- The net worth of the company for Q1FY23 was Rs. 15,427 crores with a growth of 76%.

- HDFC Life reported PAT at Rs. 365 crores with a growth of 21%

Other Highlights:

- HDFC Life is amongst the top 2 in terms of Overall new business and individual new business segment in the private sector with a market share of 19.0% and 14.6% respectively; Ranked #1 within group new business segment in the private sector with a market share of 22.2% 

- HDFC Life continued to maintain a balanced product mix with share of participating savings, non-participating savings, ULIPs, protection, and annuity accounting for 30%, 35%, 25%, 5% and 6% of individual APE respectively.

- The company has a diversified distribution mix is evidenced by wide access to customers through over 300 distribution partners and 1.2 lakh+ agents as on June 30, 2022, further supplemented by 383 branches across the country.

Commenting on the Q1 FY23 performance, Ms. Vibha Padalkar, MD & CEO said “We continue to maintain a consistent growth trajectory, growing by 22% in terms of APE in Q1 FY23. This has enabled us to maintain our market leadership as a ‘Top 3 life insurer’ across individual and group business. Our product mix remains balanced, with non-par savings at 35%, participating products at 30%, ULIPs at 25%, individual protection at 5% and annuity at 6%, based on individual APE. Our protection share based on APE improved from 15.7% last year to 16.9% during Q1 FY23. Our credit protect business has registered strong growth of 96%, on the back of rise in disbursements across most of our partners. We continue to look at overall protection growth across individual and group platforms in an agnostic manner.”