HDFC Life Insurance on Tuesday said its standalone net profit rose by 21 per cent year-on-year to Rs 365 crore for the quarter ended June 30 as compared to Rs 302 crore recorded in the corresponding period of the last year.
The company's new business margins increased to 26.8 per cent in the first quarter of 2022-23 as against 26.2 per cent in the corresponding quarter of 2021-22.
"We continue to maintain a consistent growth trajectory, growing by 22 per cent 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," Vibha Padalkar, MD & CEO, HDFC Life Insurance, said in a statement.
Our product mix remains balanced, with non-par savings at 35 per cent, participating products at 30 per cent, ULIPs at 25 per cent, individual protection at 5 per cent and annuity at 6% per cent, based on individual annual premium equivalent (APE), the company said.
Our protection share based on APE improved from 15.7 per cent last year to 16.9 per cent during Q1 FY23. Our credit protect business has registered strong growth of 96 per cent, 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, HDFC Life Insurance said.
On the retirement front, our annuity business has grown by 10 per cent on received premium basis, compared to a 9 per cent de-growth for the industry in the quarter. On APE basis, our annuity business has grown by 39 per cent, it added.
The company's renewal premiums have grown by 19 per cent, supported by improving persistency. The insurer's 13th and 61st month persistency for limited and regular pay policies, stood at 88 per cent and 54 per cent during first quarter of the current financial year as against 86 per cent and 51 per cent in the corresponding quarter of 2021-22.
( With inputs from ANI )
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