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HDFC Life
Leading private sector life insurer HDFC Life expects its margins to improve further in the fourth quarter, having already neutralised the hit it had taken from the merger of Exide Life three quarters earlier than expected. The company closed the December quarter with a new business premium margin of 26.8 per cent. Its FY22 VNB (value of new business) margin stood at 27.4 per cent and the management is confident of reaching there or making a further improvement as it closes the current fiscal. Over the weekend, HDFC Life reported a 15.2 per cent growth in net income at Rs 315.22 crore on a net premium income of Rs 14,379.38 crore, which rose 18.6 per cent annualised from Rs 12,124.36 crore. Its first-year premium stood at Rs 2,724.87 crore, up from Rs 2,115.97 crore, and the renewal premium soared to Rs 7,187 crore from Rs 5,543.03 crore. At 26.8 per cent, the VNB margin is already at the pre-merger level, neutralising the impact of the merger of Exide Life (in Q2 FY23) almost thre
HDFC Life on Friday reported a 15 per cent increase in net profit to Rs 315 crore for the third quarter ended December. The private sector insurer's profit stood at Rs 274 crore in the year-ago period, it said in a regulatory filing. Total income increased to Rs 19,693 crore in the latest December quarter from Rs 14,222 crore in October-December 2021. The company's solvency ratio too improved to 209 per cent from 190 per cent as on December 31, 2021. The regulatory requirement is 150 per cent. For the nine months period ended December, the life insurer posted a profit Rs 1,001 crore as against Rs 850 crore in the corresponding period a year ago.
A day after insurance regulator Irdai's final approval, HDFC Life Insurance on Friday announced completion of Exide Life merger. This marks the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector, HDFC Life said in a statement. HDFC Life had completed the acquisition of Exide Life in January 2022. The entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months, it said. "Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos," it said. This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets, it ...