On Tuesday, HDFC Life Insurance Company had reported a consolidated net profit of Rs 357 crore for the quarter ended March, up 13 per cent compared to Rs 317 crore reported in the last year period. The company’s board has recommended a final dividend of Rs 1.70 for fiscal 2022.
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“We clocked a growth of 16 per cent in individual WRP in FY22 with a market share of 14.8 per cent and 9.3 per cent in the private and overall sector, respectively. We continue to deliver consistent all-around performance and be ranked among the top three life insurers in the industry. Despite very trying times during the two-year pandemic, our two-year CAGR of 17 per cent was almost two times industry growth of 9 per cent,” said HDFC Life MD and CEO Vibha Padalkar.
“Overall protection grew by 24 per cent in terms of APE and 47 per cent in terms of new business premium. This was largely led by a 55 per cent growth in credit life new business premium on the back of higher disbursements. On the retirement side, our annuity business recorded 24 per cent growth vis-a-vis industry growth of 3 per cent. Annuities now contribute over a fifth of our new business premiums, with us almost doubling our business in the last three years,” Vibha said.
Today, HDFC Life shares were higher by 1.63 per cent in noon deals at Rs 548.80 apiece on National Stock Exchange.
