HDFC Life Insurance Q3FY23 Results Announcement
New Delhi, January 21, 2023: The Board of Directors of HDFC Life approved and adopted today the audited standalone and reviewed consolidated financial results for the nine month ended December 31, 2022. Below is the summary of our standalone results: Commenting on the 9M FY23 performance, Ms. Vibha Padalkar, MD & CEO said “While globally, headwinds persist from an economic perspective, India appears to be relatively better positioned. Insurance as a sector continues to be a beneficiary of a relatively robust economy, stable savings trends, and favourable regulatory regime. Against this backdrop, we continue to maintain a steady growth trajectory. In Q3, we grew by 17% in terms of Individual WRP, which is ahead of industry growth. On a YTD basis, we grew by 13% leading to a market share of 15.8% amongst private insurers. Despite intense competition, we have consistently been ranked amongst the top 3 life insurers across individual and group businesses. We maintained market leadership in credit life by delivering strong growth of 52%, across nearly 300 partnerships. Whilst growth in retail protection remained tepid on a YoY basis, we saw sequential growth of 13% in Q3. With a combination of data analytics, insights into customer profiles, and calibrated risk retention, overall protection APE grew by over 20% in 9M FY23 and we expect individual protection to continue picking up in the coming quarters. On the retirement front, we have steadily gained market share in the annuity business. Our annuity business in 9M FY23 grew by 22% on a received premium basis compared to a 1% growth for the industry. Our distribution network has been growing with time, as we build newer, long-lasting partnerships. This quarter, we are pleased to announce our corporate agency partnership with AU Small Finance Bank. Our agency channel continued to grow faster clocking more than 2x company-level growth in individual APE in 9M FY23. The share of the channel has increased from 14% to almost 18% in the merged entity. We are happy to share that the post-merger integration and synergy realization from the combined business is progressing as per plan. This has been demonstrated by the achievement of margin neutrality during this period. The newly added distribution partners now have access to HDFC Life’s products and digital capabilities.
Our subsidiary HDFC Pension Management Company’s AUM doubled in less than 17 months to reach the Rs 40,000 Cr milestone on 2nd January 2023. For 9MFY23, HDFC Pension has a market share of 40%, up from 37% last year, with AUM growing by 63%. We are pleased to announce that our subsidiary HDFC International has been granted the Certificate of Registration to set up a branch in GIFT City by the relevant regulator. The branch will commence business and operations on receiving other statutory licenses and approvals. We remain enthused with the growth potential of the sector and are committed to increasing insurance penetration in a meaningful way.”