HDFC Life Q4 results: Profit rises 15% YoY to Rs 412 crore; Deepak Parekh steps down as chairman

HDFC Life Insurance Company Ltd on Thursday posted a 14.76 per cent jump in its fourth-quarter standalone profit (Q4 FY24 PAT), at around Rs 412 crore, from Rs 359 crore in the year-ago period.

The private insurer's net premium income climbed 5.46 per cent to Rs 20,488 crore in Q4 FY24 compared to Rs 19,427 crore in the corresponding period last year.

HDFC Life has also declared a dividend of Rs 2 per share. The stock was last seen trading 1.19 per cent higher at Rs 611.65.

HDFC Life said, "Our new business margins are 26.3 per cent. Value of new business is Rs 3,501 crore, implying a 2-year CAGR of 14 per cent. Embedded value stands at Rs 47,468 crore, with an operating return on embedded value of 17.5 per cent."

We have delivered a strong profit after tax of Rs 1,569 crore, implying a YoY increase of 15 per cent, fuelled by 18 per cent increase in profit emergence from back book, it added. Solvency continues to be healthy at 187 per cent, HDFC further said.

In a separate filing, the insurer said, "Deepak S Parekh has decided to step down as the Chairman and Non-Executive Director of the company with effect from close of the business hours on April 18, 2024."

It also informed that the Board has unanimously approved the appointment of Keki M Mistry as the chairman with immediate effect, subject to approval of Insurance Regulatory and Development Authority. Mistry has been associated with the company since December 2000 and is currently acting as Non-Executive Director.