HDFC Life Q4 FY24 results: Net profit up almost 15% Y-o-Y at Rs 411 cr

HDFC Life Insurance on Thursday reported a net profit of Rs 411 crore for the January-March quarter of Financial Year 2023-24 (Q4 FY24), up 14.8 per cent from Rs 358 crore recorded in the same period last year. HDFC Life beat market expectations which placed its growth at 6.1 per cent.

Net premium income was Rs 20,488 crore, up 5.4 per cent from Rs 19,426 crore last year.

The solvency ratio of the private sector insurer stood at 187 per cent, improved from 203 per cent a year ago.

Annualised premium equivalent (APE), a measure of new business written by a life insurance company, dropped eight per cent. Market expected APE to fall by 7 per cent. The company’s APE stood at Rs 4, 727 crore for Q4 FY24 compared to Rs 5,162 last year.