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HDFC Life Q4 results: Net profit rises 15% to ₹411 crore, beats estimate
HDFC Life Q4 results: HDFC Life was expected to have 6.1 per cent growth in profit.
HDFC Life Q4 results: HDFC Life Insurance on reported a net profit of ₹411 crore for the January-March quarter of financial year (FY) 2023-24. This was up 14.8 per cent from ₹358 crore recorded in the year-ago period and beat market expectations as HDFC Life was expected to have 6.1 per cent growth in profit to ₹382.1 crore.
HDFC Life Q4 results: Details
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- The net premium income came in at ₹20,488 crore.
- This was up 5.4 per cent from ₹19,426 crore in the year-ago quarter.
- Solvency ratio stood at 187 per cent, up from 203 per cent a year ago.
- Annual premium equivalent (APE) was at ₹4,727 crore against ₹5,162 crore a year ago. Read more: Forget chemists! In a first, govt mulling putting medicines in general stores with new OTC drug policy
- Value of new business (VNB) of the insurer was at ₹1234 crore, down 18.3 per cent.
- VNB margin for the quarter stood at ₹1234 crore.
- The company has proposed a dividend of ₹2 per share.
What else did HDFC Life say?
The company said that veteran banker Deepak Parekh has stepped down from the role of the Chairman and Non-Executive Director and Keki M Mistry has been appointed as the Chairman of the Board.
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VK Viswanathan and Prasad Chandran shall cease to be independent directors after completing their two consecutive terms of five years on April 24, 2024, the company informed. Venkatraman Srinivasan has been appointed as an Independent Director, it said.
