The net profit of HDFC Life increased by 15% to Rs 412 crore
On Thursday, HDFC Life Insurance said that its net profit for the fourth quarter that ended in March 2024 increased by 14.7% to Rs 412 crore. According to a regulatory filing by HDFC Life, the insurer made a profit of Rs 359 crore during the January–March quarter of the previous fiscal year.
In comparison to Rs 21,426 crore during the same time last year, the insurer’s overall revenue for the quarter was Rs 27,893 crore. The insurer’s net premium revenue grew from Rs 19,427 crore to Rs 20,488 crore. For the fiscal year 2023–2024, the board has proposed a final dividend of Rs 2 per equity share with a face value of Rs 10 each, pending shareholder approval at the next Annual General Meeting (AGM).
As of March 31, 2024, the embedded value was Rs 47,468 crore, up from Rs 39,527 crore at the end of the previous fiscal year.
After taxes, or PAT, was 15% higher in FY24 at Rs 1,569 crore than it was in FY23 at Rs 1,360 crore. But by the end of March 2024, the solvency margin had dropped from 203% at the end of March 2023 to 187%.
The insurer said that Deepak Parekh has chosen to resign from his positions as the company’s chairman and non-executive director, effective April 18, 2024, at the end of business hours.
The selection of Keki M. Mistry as the Board Chairman has been approved by the board in unanimity. Mistry is a non-executive member on our board and has been with the firm since December 2000.
The corporation said that under his direction, it hopes to accomplish many more noteworthy milestones and come out stronger and more resilient than before.
