Conference Call with HDFC Life Insurance Company Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
HDFC Life Insurance's FY22 total annualised premium equivalent rises 17% YoY to Rs 9,758 crore HDFC Life Insurance Company declares Q4FY22 result: Sustained performance: 22% growth in VNB, NBM at 27.4% Individual WRP growth of 16% resulting in industry market share expansion by 10 bps to 9.3% 47% growth in protection new business premium; 24% growth in annuity business 19.0% Operating RoEV (pre-EMR); Consolidated EV at Rs 32,958 crore AUM crossed Rs 2 trillion mark, clocking 17% yoy growth PAT at Rs 1,208 crore; Proposed Final Dividend of Rs 1.70 per share We covered 54 million lives in FY22, registering an increase of 36% over FY21. We settled close to 3.9 lakh claims during FY22. Gross and net claims were at Rs 5,804 crore and Rs 4,328 crore respectively for FY22. As on 31st March 2022, we carry reserves of Rs 55 crore into FY23 as a prudent measure towards Covid. New business margin for FY22 was 27.4%, vs 26.1% for FY21. Further, we delivered a value of new business for FY22 of Rs 2,675 crore, 22% higher than FY21. Our VNB has grown at a 24% CAGR over the past 5 years and has almost tripled in the last 5 years. Our Embedded Value, as on March 31, 2022, was Rs. 30,048 cr. Commenting on the FY22 performance, Ms. Vibha Padalkar, MD & CEO said “We clocked a growth of 16% in individual WRP in FY22 with a market share of 14.8% and 9.3% in the private and overall sector respectively. We continue to deliver consistent all-round performance and be ranked amongst the top three life insurers in the industry. Despite very trying times during the 2 year pandemic, our 2 year CAGR of 17% was almost 2 times industry growth of 9%. Overall protection grew by 24% in terms of APE and 47% in terms of new business premium. This was largely led by a 55% growth in credit life new business premium, on the back of higher disbursements. On the retirement side, our annuity business recorded 24% growth vis-à-vis industry growth of 3%. Annuities now contribute over a fifth of our new business premiums, with us almost doubling our business in the last 3 years." Result PDF