India-based HDFC Life Insurance coverage has posted revenue after tax of Rs7.9bn ($95.1m) for the primary half (H1) of FY24, a 15% development from Rs6.8bn within the prior yr.
The corporate lined greater than 30 million lives for the interval, indicating a ten% development within the variety of insurance policies.
For the six months ending 30 September 2023, the corporate’s new enterprise premium was Rs129.7bn. This marked a rise of 15% from Rs113.2bn in H1 FY23.
The whole premium elevated 14% to Rs266.1bn from Rs233.3bn.
Particular person annualised premium equal (APE) in the course of the interval rose 9% to Rs44.7bn from Rs41.1bn a yr in the past.
The corporate additional famous that its annuity APE soared 17% in H1 FY24.
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The worth of latest enterprise, which assesses the projected revenue from new premiums, grew 10% whereas new enterprise margins remained flat at 26.2%.
Moreover, HDFC Life’s solvency ratio was 194% in H1 FY24 in contrast with 210% a yr earlier.
In an alternate submitting, MD and CEO Vibha Padalkar stated: “Regardless of the current finances adjustments that have been perceived to be unfavourable for the sector, the life insurance coverage trade has demonstrated outstanding resilience.
“We recorded a wholesome development of 10% in particular person WRP vs 8% for general trade, for the half yr ended September thirtieth, 2023.
“We continued to develop sooner than the general trade and be ranked amongst the highest three life insurers throughout particular person and group companies.”
In the primary quarter of FY24, the corporate registered a web revenue of $50m, up 15% from $44m within the prior yr.