Net premium income for the quarter increased 16.6% YoY to Rs 11479 crore.
The first-year premium income grew 8.4% YoY to Rs 1,851 crore, while renewal premium income increased nearly 14% YoY to Rs 5,804 crore.
The value of new business grew by 18%, aided by robust premium (APE) growth of 13%, with the overall market share (Individual WRP) expanding to 10.6%.
The private market share of the life insurer was 16.4%, compared to 15.8% last year.
The assets under management (AUM) crossed the Rs 2.5 lakh crore mark as of June 30. The Indian embedded value as of the June end was Rs 41,843 crore.
HDFC Life Insurance is now a part of the merged entity HDFC Bank, and the latter holds a 50.4% stake in the former. “Our focus is on strengthening our partnership with HDFC Bank, enhancing collaboration, and maximizing customer engagement within our group,” said Vibha Padalkar, MD & CEO of the life insurer.
Retail protection trends remained encouraging, registering a 45% YoY growth in Q1.
“While the growth is accentuated by a favourable base, we do believe that the pickup in protection is sustainable and the growth is likely to be healthy for the year,” Padalkar said.
The insurer remains optimistic about growth opportunities in the life insurance sector, but it plans to go beyond just business growth.
“We believe that widespread financial protection is a crucial aspect of economic growth, and we are enthusiastic about collaborating with our regulator to contribute meaningfully to this collective effort,” the MD said.
The new business margins in the quarter improved to 26.2% in the June quarter, from 25.1% a year ago.
The solvency ratio was 200% in the quarter gone by, compared to 183% a year ago. Solvency Ratio (SR) measures the financial health of an insurance company and its ability to meet outstanding debt or liabilities.
In trade on Friday, shares of the Nifty50 constituent were down nearly 4% at Rs 634.05 amid the broad-based weakness in the market.
