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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.”
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