HDFC Life reported its March quarter (Q4FY24) results on Thursday, April 18.
The private sector insurer posted a net profit of ₹411 crore, a rise of 14.8% from ₹358 crore in the year-ago period.
The insurer's net premium income increased to ₹20,488 crore from ₹19,426 crore in the same quarter last year, a 5.4% increase.
Also Read: HDFC Life Q3 results: Net profit rises 16% YoY to ₹365 crore"Exciting news!
On Thursday, HDFC Life share price was trading 1.20% higher at ₹611.70 apiece, on BSE.
HDFC Life reported its March quarter (Q4FY24) results on Thursday, April 18. The private sector insurer posted a net profit of ₹411 crore, a rise of 14.8% from ₹358 crore in the year-ago period.
The insurer's net premium income increased to ₹20,488 crore from ₹19,426 crore in the same quarter last year, a 5.4% increase.
In its exchange filing, the company said that it had surpassed its goal of double-digit growth for the whole year, with an 11% rise for FY24 on a normalised basis. On an unadjusted basis, the private insurer achieved individual annualised premium equivalent (APE) increase of 1%.
Also Read: HDFC Life Q3 results: Net profit rises 16% YoY to ₹365 crore
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The company's profit after tax for the entire year was ₹1,569 crore, indicating a 15% year-over-year rise driven by an 18% increase in profit emergence from the back book. Solvency continued to be healthy at 187%.
“Our new business margins are 26.3%. Value of new business is Rs. 3,501 crore, implying a 2 year CAGR of 14%. Embedded value stands at ₹47,468 crore, with an operating return on embedded value of 17.5%," said the company.
A final dividend of ₹2 per share for the fiscal year 2023–2024 has also been recommended by the company's board, subject to shareholder approval at the next AGM.
Also Read: Infosys Q4 Results Live Updates: Revenue expected to fall, margin to remain flat QoQ; FY25 guidance eyed
The final dividend is payable on or after July 20th, with June 21st serving as the record date to determine the shareholders' entitlement to it.
The company in its filing said that Deepak Parekh, a seasoned banker, had resigned as Chairman and Non-Executive Director. Additionally, the firm announced that Keki M. Mistry has been named Chairman of the Board.
Furthermore, the insurer stated that on April 24, 2024, VK Viswanathan and Prasad Chandran will no longer hold the position of independent directors upon the conclusion of their respective two consecutive terms of five years each. Also, Venkatraman Srinivasan has been appointed as an Independent Director by the firm.
On Thursday, HDFC Life share price was trading 1.20% higher at ₹611.70 apiece, on BSE.
“The stock is going through a consolidation phase which seems to be a time-wise correction. Prices had recently formed a good support base around 560-580 range and we could see buying interest if stock dips towards this range in the near future," said Ruchit Jain of 5paisa.
Also Read: Q4 Results Today: Infosys, Bajaj Auto, HDFC Life, ICICI Securities among 19 companies to post Q4 earnings on April 18
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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