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HDFC Life Insurance profit rises 19% for September quarter

HDFC Life Insurance profit rises 19% for September quarter

HDFC Life Insurance profit rises 19% for September quarter
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By Anshul  Oct 21, 2022 2:46:33 PM IST (Updated)

The company's annualized premium equivalent (APE) stood at Rs 2,645 crore. Analysts in a CNBC-TV18 poll had estimated the firm's APE at Rs 2,692 crore. The value in new business stood at Rs 748 crore (10.3 percent up) as against CNBC-TV18's poll of Rs 723 crore.

HDFC Life Insurance on Friday reported 19.25 percent year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2022 to Rs 329.02 crore.  The new business premium was 7 percent down at Rs 6,147 crore versus Rs 6,596 crore (year-on-year)

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The company's annualized premium equivalent (APE) stood at Rs 2,645 crore. Analysts in a CNBC-TV18 poll had estimated the firm's APE at Rs 2,692 crore. The value in new business stood at Rs 748 crore (10.3 percent up) as against CNBC-TV18's poll of Rs 723 crore.
India's embedded value was 15 percent up at Rs 33,015 crore versus Rs 28,703 crore year-on-year. The VNB margin stood at 28.3 percent versus 26.6 percent year-on-year.
VNB margin indicates the profit margin of Life Insurance Company. It is calculated by dividing the Value of New Business by Annualized Premium Equivalent (Regular Premium +10 percent of Single Premium).
We continue to be excited about the growth prospects of the industry, on the back of renewed support and encouragement from the regulator,” said Vibha Padalkar, MD & CEO, HDFC Life Insurance.
“We are enthused by the regulator’s vision of significantly improving the global ranking of Indian life insurance from its current no. 10 position to no. 6 and look forward to being a meaningful contributor in this journey," he added.
The company in October itself completed the merger with Exide Life.
"The Insurance Regulatory and Development Authority of India vide its letter dated October 13, 2022, has provided its final approval to the Scheme in accordance with Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013," the company said in an exchange filing.
Last year, HDFC Life announced the acquisition of 100 percent stake in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs 685 and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.
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