HDFC Life Q1: Insurer's stock falls 2.5% as net premium income falls 41% QoQ

Private insurer HDFC Life Insurance Company Ltd's stock was trading 2.5% lower on Friday as the firm's net premium income decreased 41% on sequential basis.

HDFC Life reported 15% jump in net profit at Rs 415 crore for the quarter ending June 30, 2023 as against Rs 360 crore in the year-ago period.

The firm's net premium income rose 16.5% on annual basis at Rs 11,480 crore but on sequential basis it fell 41%.

At 1444 hours on Friday, the firm's scrip on BSE was trading 2.5% lower at 645.

During the latest quarter, the first-year premium collection rose 19% to Rs 5,869 crore from Rs 4,949 crore in the same period a year ago.

The company's solvency stands at 200% as compared to 178% in the same quarter a year ago.

The board has recommended a dividend of Rs 1.90 per share aggregating to a payout of Rs 408 crore subject to approval by the shareholders.

Embedded Value of the company witnessed 29% increase to Rs 41,843 crore at the end June 2023.