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HDFC Life Insurance Company Results: Latest Quarterly Results & Analysis

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HDFC Life Insurance Company Ltd. 17 Apr 2025 17:50 PM
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Q4FY25 Quarterly Result Announced for HDFC Life Insurance Company Ltd.

HDFC Life Insurance Company announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Net premium income: Rs 2,376,556 lakh compared to Rs 2,048,811 lakh during Q4FY24.
  • PBT: Rs 48,621 lakh compared to Rs 44,971 lakh during Q4FY24.
  • PAT: Rs 47,654 lakh compared to Rs 41,166 lakh during Q4FY24.

FY25 Financial Highlights:

  • Topline Growth: Delivered strong individual APE growth of 18%, supported by increase in both number of policies sold and ticket size and a balanced product mix.
  • Market Share: Overall market share (individual WRP) increased by 70 bps to 11.1% for the period 11MFY25. Private sector market share stood at 15.7%, an increase of 30 bps.
  • Value of New Business (VNB) grew by 13% to Rs 3,962 crore, reflecting robust growth in profitable business.
  • Assets under Management (AUM): AUM stood at Rs 3,36,282 lakh crore as on 31 st March 2025, an increase of 15% YoY.
  • Persistency: Our persistency for the 13th and 61st months stood at a strong 87% and 63%, respectively. Notably, our 61st-month persistency saw a significant improvement of 1000 basis points, demonstrating the company's deep customer engagement and effective retention initiatives.
  • Embedded Value (EV) grew by 17% and stood at Rs 55,423 crore, with 16.7% operating return on EV, showcasing sustained long-term value creation for shareholders.
  • Profit After Tax (PAT) of Rs 1,802 crore was achieved in 12M FY25, clocking a steady growth of 15% YoY, helped by an 18% increase in profit emergence from our back book. The Board has recommended a final dividend of Rs 2.1 per share, in line with our dividend payout policy, aggregating to a payout of about Rs 452 crore.
  • Solvency Ratio stood at 194%, comfortably above the regulatory threshold of 150%.

Vibha Padalkar, Managing Director & CEO of HDFC Life, said: “FY25 was a year where we deepened our reach, continued sharpening our value propositions and demonstrated the resilience of our business model. We are happy to report an 18% growth in Individual APE for FY25, in line with our stated growth aspirations for the year. Our overall industry market share expanded by 70 bps to 11.1% and by 30 bps to 15.7% within the private sector.

Retail protection continued to show strong momentum with APE growth of 25%. All channels registered double-digit growth. We continue to enhance customer experience through intuitive digital platforms, with over 90% of service requests now handled via self-service.

As we enter our 25th year of existence, our aspiration remains, against a backdrop of a stable regulatory regime, to consistently outpace sector topline growth, deliver VNB growth in line with APE growth and double key metrics every 4 to 4.5 years.”

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Result PDF

HDFC Life Insurance Company announced H1FY24 results:

1. Financial Performance:
- HDFC Life reports strong financial performance with a 15% growth in Profit after Tax for H1FY24.
- The company's New Business Premium and Total Premium show consistent growth, outpacing the industry.
- HDFC Life maintains healthy VNB margins at 26.2% for H1FY24.
- The company's market share in the Individual WRP segment expands to 10.3%.

2. Business Expansion and Customer Base:
- HDFC Life covers over 3 crore lives in H1FY24, representing a year-on-year growth of 10%.
- The company sees robust growth in the number of policies sold, beating industry growth.
- HDFC Life continues to lead in terms of sum assured and market share in the private sector.

3. Product Innovations:
- HDFC Life introduces HDFC Life Sanchay Legacy and Click 2 Protect Elite, offering innovative protection solutions.
- The newly launched products cater to the needs of middle-aged and affluent customer segments.

4. Recognition and Awards:
- HDFC Life is recognized as one of Asia's Best Places to Work 2023 by Great Place to Work.
- The company is also ranked among India's Best Workplaces for Millennials 2023 and 100 Best Companies for Women in India 2023.

Vibha Padalkar, MD & CEO said, “Despite the recent budget changes that were perceived to be unfavourable for the sector, the life insurance industry has demonstrated remarkable resilience. We recorded a healthy growth of 10% in individual WRP vs 8% for overall industry, for the half year ended September 30th, 2023. Our H1FY24 market share was 15.7% and 10.3% in the private and overall sector respectively. We continued to grow faster than the overall industry and be ranked amongst the top 3 life insurers across individual and group businesses.

We saw an uptick of 10% 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. We have insured more than 3 crore lives across our individual and group businesses, which represents a YoY growth of 16%.

Growth in protection was robust at 28% on new business premium basis. Retail protection registered YoY growth of 46% in H1FY24. Sum assured recorded healthy growth, with retail and overall sum assured growing by 61% and 45% respectively. We continue to lead in terms of sum assured and our private market share based on overall sum assured stood at 18% for H1FY24. Annuity APE grew by 17% and the segment contributed to 18% of new business premium. Annuity and Protection put together contributed to about 55% of new business premium in H1FY24.

We introduced 2 new products in the protection category viz. HDFC Life Sanchay Legacy and Click 2 Protect Elite. HDFC Life Sanchay Legacy is an industry-first whole life, return of premium protection plan with increasing life cover and is designed to cater to a middle-aged and beyond customer segment. Our other term product, C2P Elite, caters to a more affluent customer category

Amongst other highlights, we are proud to feature amongst India's Best Workplaces for Millennials 2023 by Great Place to Work and to be recognized amongst 100 Best Companies for Women in India 2023 by Avtar. We also ranked amongst Asia's Best Workplaces 2023 by Great Place to Work. This is a testimony of our endeavour to create an inclusive culture, be the employer of choice and invest for the betterment of our workforce.”

 

Result PDF

HDFC Life Insurance Company announced Q1FY24 results:

  • Value of new business grew by 18% aided by robust premium (APE) growth of 13%
  • Overall market share (Individual WRP) expansion to 10.6%
  • Private market share of 16.4% compared to 15.8% last year
  • Retail protection APE up by 45%
  • Strong PAT growth of 15% to Rs 415 crore
  • 34% growth in number of lives covered; 73% growth in sum assured
  • Indian Embedded Value at Rs 41,843 crore
  • AUM crossed Rs 2.5 lakh crore in Q1FY24
  • Declared highest ever bonus of Rs 3,660 crore to more than 23 lakh policyholders

Commenting on the performance for Q1FY23, Vibha Padalkar, MD & CEO said, “We are happy to report that the merger of HDFC Limited with HDFC Bank has been successfully completed and that we are now a subsidiary of HDFC Bank. HDFC Bank now holds 50.4% in HDFC Life. Our focus is on strengthening our partnership with HDFC Bank, enhancing collaboration, and maximizing customer engagement within our group.

We closed the quarter with a robust growth of 12% in individual WRP, which was 1.5x of private industry, despite coming off a strong March. Over the last 4 years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5% in FY19 to 16.5% in FY23 in the private sector and 7.2% to 10.8% at an overall industry level.

We covered more than 2 lakh lives in retail policies and 1.6 cr lives overall in Q1FY24, a growth of 8% and 34% respectively, over Q1FY23. Retail sum assured recorded an increase of 55% and overall sum assured 73%, and our overall market share in Q1FY24 was 16.9%. We feel privileged to have led the way in helping bridge the protection gap in the country by being the market leader in terms of total sum assured.

Retail protection trends remain encouraging with YoY growth of 45% in Q1FY24. While the growth is accentuated by a favourable base, we do believe that the pickup in protection is sustainable and the growth is likely to be healthy for the year.

The board has recommended a dividend of Rs 1.90 per share aggregating to a pay-out of Rs 408 crore subject to approval by our shareholders.

We are proud to be recognized as one of India's top 10 best companies to work for by Great Place to Work. We are the only insurance company to receive this recognition, which is a testament to our unwavering commitment to creating a people-centric workplace.

While we remain optimistic about growth opportunities in the life insurance sector, our vision extends beyond just business growth. Following a customer centric approach, we remain steadfast in our mission to insure India and ensure financial security for families and individuals across the nation. We believe that widespread financial protection is a crucial aspect of economic growth, and we are enthusiastic about collaborating with our regulator to contribute meaningfully to this collective effort.”

 

Result PDF

 HDFC Life Insurance Company announced Q3FY23 results:

  • Q3FY23:
    • Private market share: 15.8%
    • VNB growth: 22%, PAT growth: 18%
    • Strong growth in protection on the back of 52% growth in credit protects business
    • 68% growth in Annuity APE
    • Operating RoEV at 17.5%
    • 18% growth in PAT to Rs 1,001 crore

Commenting on the 9M FY23 performance, Ms. Vibha Padalkar, MD & CEO said “While globally, headwinds persist from an economic perspective, India appears to be relatively better positioned. Insurance as a sector continues to be a beneficiary of a relatively robust economy, stable savings trends and favourable regulatory regime. Against this backdrop, we continue to maintain a steady growth trajectory. In Q3, we grew by 17% in terms of Individual WRP, which is ahead of industry growth. On a YTD basis, we grew by 13% leading to a market share of 15.8% amongst private insurers. Despite intense competition, we have consistently been ranked amongst the top 3 life insurers across individual and group businesses.

We maintained market leadership in credit life by delivering strong growth of 52%, across nearly 300 partnerships. Whilst growth in retail protection remained tepid on a YoY basis, we saw sequential growth of 13% in Q3. With a combination of data analytics, insights into customer profiles and calibrated risk retention, overall protection APE grew by over 20% in 9MFY23 and we expect individual protection to continue picking up in the coming quarters.

On the retirement front, we have steadily gained market share in the annuity business. Our annuity business in 9M FY23 grew by 22% on a received premium basis compared to a 1% growth for the industry.

Our distribution network has been growing with time, as we build newer, long-lasting partnerships. This quarter, we are pleased to announce our corporate agency partnership with AU Small Finance Bank. Our agency channel continued to grow faster clocking more than 2X company-level growth in individual APE in 9MFY23. The share of the channel has increased from 14% to almost 18% in the merged entity.

We are happy to share that the post-merger integration and synergy realisation from the combined business are progressing as per plan. This has been demonstrated by the achievement of margin neutrality during this period. The newly added distribution partners now have access to HDFC Life’s products and digital capabilities.

Our subsidiary HDFC Pension Management Company’s AUM doubled in less than 17 months to reach the Rs 40,000 Cr milestone on 2nd January 2023. For 9MFY23, HDFC Pension has a market share of 40%, up from 37% last year, with AUM growing by 63%.

We are pleased to announce that our subsidiary HDFC International has been granted the Certificate of Registration to set up a branch in GIFT City by the relevant regulator. The branch will commence business and operations upon receiving other statutory licenses and approvals.

We remain enthused with the growth potential of the sector and are committed to increasing insurance penetration in a meaningful way.”

Result PDF

HDFC Life Insurance Company announced Q1FY23 results:

  • 22% growth in total APE; Maintained top 3 ranking amongst life insurers
  • 31% growth in Protection APE; 96% growth in group credit protect business
  • New business margins increased to 26.8%; 25% growth in Value of New Business
  • 21% growth in PAT to Rs. 365 crore

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.

On the retirement front, our annuity business has grown by 10% on received premium basis, compared to a 9% de-growth for the industry in the quarter. On APE basis, our annuity business has grown by 39%. The regular premium variant of our recently launched annuity product - Systematic Retirement Plan has been well received across channels. We have also launched a new product Systematic Pension Plan, which is a participating pension plan. This product adds to the existing suite of pension products being offered to customers.

Renewal premiums have grown by 19%, supported by improving persistency. Our 13th and 61st month persistency for limited and regular pay policies, is at 88% and 54% vs 86% and 51% in first quarter of previous year.

New business margin for Q1 was 26.8% up from 26.2% in Q1 of the previous year, on the back of profitable product mix and growth in protection business. The Profit after Tax for Q1 FY23 was Rs 365 crore, an increase of 21% over Q1 FY22. As highlighted in our last earnings call, we completed raising sub-debt worth Rs 350 crore during this quarter. Post the dividend payout of Rs. 1.70 per share, approved by our shareholders in the AGM, our solvency stands at 178%. In order to further strengthen solvency to fuel growth, we will continue to evaluate raising equity capital as needed.

We are delighted to share that our pension subsidiary, HDFC Pension, crossed the 30,000 crore AUM mark and has almost doubled its AUM in just 15 months. As on June 30, 2022, HDFC Pension had a market share of 38%, maintaining its leadership position as private Pension Fund Manager (PFM) in terms of NPS AUM.

HDFC International, our overseas subsidiary, has received an in-principle approval from International Financial Services Centres Authority - IFSCA to setup a “global in-house center” at GIFT City. This entity will pool and optimize all processing activities of our international business. This is an important step for us towards eventually setting up an IFSC Insurance Office (IIO) at GIFT city, which can cater to the overseas insurance needs of the Indian diaspora.

Exide Life witnessed strong growth of 34% based on Individual WRP and continues to enjoy a healthy product mix and growth across channels. The integration of Exide Life is on track. We have received the initial NCLT approval for triggering the merger process, including intimations to various regulatory authorities and related NOCs. Subsequent to receipt of the NOCs from various regulatory authorities, we can expect to receive the final NCLT approval. We expect to receive the final nod from IRDAI and be able to merge the subsidiary in the second half of FY23.

On the regulatory front, we have been in regular dialogue with IRDAI and working on charting a roadmap to deepen life insurance penetration in India and welcome the initiatives taken by the regulator in this direction.”

 

Result PDF

HDFC Life Insurance's FY22 total annualised premium equivalent rises 17% YoY to Rs 9,758 crore

HDFC Life Insurance Company declares Q4FY22 result:

  • Sustained performance: 22% growth in VNB, NBM at 27.4%
  • Individual WRP growth of 16% resulting in industry market share expansion by 10 bps to 9.3%
  • 47% growth in protection new business premium; 24% growth in annuity business
  • 19.0% Operating RoEV (pre-EMR); Consolidated EV at Rs 32,958 crore
  • AUM crossed Rs 2 trillion mark, clocking 17% yoy growth
  • PAT at Rs 1,208 crore; Proposed Final Dividend of Rs 1.70 per share
  • We covered 54 million lives in FY22, registering an increase of 36% over FY21. We settled close to 3.9 lakh claims during FY22. Gross and net claims were at Rs 5,804 crore and Rs 4,328 crore respectively for FY22. As on 31st March 2022, we carry reserves of Rs 55 crore into FY23 as a prudent measure towards Covid.
  • New business margin for FY22 was 27.4%, vs 26.1% for FY21. Further, we delivered a value of new business for FY22 of Rs 2,675 crore, 22% higher than FY21. Our VNB has grown at a 24% CAGR over the past 5 years and has almost tripled in the last 5 years. Our Embedded Value, as on March 31, 2022, was Rs. 30,048 cr.

Commenting on the FY22 performance, Ms. Vibha Padalkar, MD & CEO said “We clocked a growth of 16% in individual WRP in FY22 with a market share of 14.8% and 9.3% in the private and overall sector respectively. We continue to deliver consistent all-round performance and be ranked amongst the top three life insurers in the industry. Despite very trying times during the 2 year pandemic, our 2 year CAGR of 17% was almost 2 times industry growth of 9%. Overall protection grew by 24% in terms of APE and 47% in terms of new business premium. This was largely led by a 55% growth in credit life new business premium, on the back of higher disbursements. On the retirement side, our annuity business recorded 24% growth vis-à-vis industry growth of 3%. Annuities now contribute over a fifth of our new business premiums, with us almost doubling our business in the last 3 years."

 

Result PDF

Life Insurance firm HDFC Life Insurance Company declares Q3FY22 result:

  • Consistent and robust performance: 22% increase in APE; 26% growth in VNB
  • Individual WRP 2-year CAGR at 14% vs. 5% for industry; 26% growth in new business premium
  • 34% growth in protection APE; 39% growth in annuity business
  • New Business Margin expands to 26.5%; Operating RoEV at 18.6% (pre-EMR)
  • 25% growth in proprietary distribution (Agency, Direct and Online); 35% growth in Agency based on individual APE
  • 19% growth in renewal premium
  • AUM of Rs 1.95 lakh crore, clocking 18% yoy growth
  • Claims experience in line with expectation

Commenting on the Exide Life acquisition, Ms. Vibha Padalkar, MD & CEO said “We are happy to announce that effective January 1, 2022, Exide Life has become our fully wholly owned subsidiary as part of the overall merger process. We are thankful to our regulator, IRDAI, for their speedy approval. This first-of-its-kind transaction is a reflection of our intent to build a stronger India by providing a financial safety-net to more people. The integration process is underway and we expect to absorb the acquired business seamlessly, whilst maximising value unlock, over the next 18-24 months. We are happy to share that in the nine months ended December 31, Exide Life’s individual WRP grew 31%, comfortably higher than industry growth of 20%”

Commenting on the current situation, Ms. Vibha Padalkar, MD & CEO said “It is quite heartening to note that India’s Covid vaccination coverage has crossed the 150 crore mark, with almost 90% of the eligible population receiving at least one dose. Further, the government has started vaccination drives for youngsters in the age group 15-18 years and the administration of booster doses to the vulnerable members of our society. These developments seem to have helped curtail the mortality impact of the more transmissible Omicron variant. Business sentiment remains positive and the high-frequency indicators suggest economic revival is on track. We are optimistic about the sustenance of business momentum in the months to come.”

Result PDF

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