Mumbai:
HDFC Life Insurance, the second largest private sector life insurer, at Rs 319.06 crore. recorded a 2.3 percent year-on-year (YoY) growth in its Fy Q4 2020-21 consolidated net profit.
The life insurer had mobilised a new premiums of Rs 434.47 crore, up by 46 per cent y-o-y, ,in the reporting quarter.
The insurer's board has recommended a final dividend of Rs 2.02 per equity share of face value of Rs 10 each for FY21. This is subject to approval at the company's annual general meeting.
HDFC Life sold about 9.8 lakh new individual policies,registering a YoY growth of 10 percent, during the reporting quarter
The life insurer's Value of New Business (VNB) increased by 14 per cent to Rs. 2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to New Business Margin of 26.1 per cent..
In FY21, the individual APE saw a 16 percent YoY to Rs 7,121 crore in which Ulips constituted 24 percent, par was 34 percent, non-par savings was 31 percent, term & health was 7 percent and annuity was 5 percent.
Annualised premium equivalent is 100 percent of regular premiums and 10 percent of single premiums.
HDFC Life’s 13th and 25th persistency, stands at 90 per cent and 81 per cent respectively, up from 88 per cent and 76 per cent in the previous year.
Vibha Padalkar, MD & CEO, HDFC Life said, "Over the course of the year, we have settled over 2.9 lakh death claims resulting in payouts in excess of Rs.3,000 crore . Based on our actual experience in FY21 and after factoring in aspects such as latest mortality trends across business and customer segments and geographic spread of Covid 2.0, we have provided for a Covid reserve of Rs. 165 cr. for FY22. We will continue to review the adequacy of this reserve through the course of FY22. Despite logistical challenges through the year, we have insured close to 40 million lives in FY21.''
In FY21, HDFC Life has settled Rs 145 crore (net of reinsurance) of 2,324 COVID-19 death claims.
“We are working closely with all our partners and re-insurers to ensure timely service and claim resolution,said Padalkar
She informed that in FY21, there were 1,700 policies issued to doctors with sum assured of Rs 2,000 crore.
HDFC Life's Indian embedded value stood at Rs 26,617 crore in FY21, seeing a YoY growth of 29 percent. Assets under management saw a 37 percent YoY growth to Rs 1,73,839 crore.
The company's net income from investments stood at Rs 6,015.42 crore in Q4 March 2021 compared with loss of Rs 10,229.92 crore in Q4 March 2020.
Profit before tax in Q4 FY21 stood at Rs 310.21 crore, up by 9.07 per cent from Rs 284.41 crore in Q4 FY20.
The HDFC Life scrip rose 2.52% to end at Rs 704.75 on Monday.