• Maintained top 3 ranking amongst life insurers; Private market share of 16.1%
• Strong growth in Protection on the back of 66% growth in credit protect business
• 44% growth in Annuity APE
• NBM expansion for both, HDFC Life (pre-merger) and acquired business
• 19% growth in PAT to Rs. 686 crore
• Solvency ratio at 210% on the back of equity capital infusion

MUMBAI, OCTOBER 21, 2022 (GPN): The Board of Directors of HDFC Life approved and adopted today the audited standalone and reviewed consolidated financial results for the half year ended September 30, 2022.

Commenting on the Financial Performance, Ms. Vibha Padalkar, MD & CEO, HDFC Life said, “We have grown in line with the Life Insurance industry, but faster than listed peers during July to September 2022, which also led to market share improvement from 14.6 per cent in April to June 2022 to 15.0 per cent during July to September 2022, on a pre-merger basis. We have maintained our market leadership position as a top three life insurer across individual and group businesses.”

“We continue to be excited about the growth prospects of the Indian Life Insurance industry, on the back of renewed support and encouragement from the regulator. We are enthused by the regulator’s vision of significantly improving the global ranking of Indian life insurance from its current no. 10 position to no. 6 and look forward to being a meaningful contributor in this journey.”

Ms. Vibha Padalkar, MD & CEO further said “Our subsidiary Exide Life merged with HDFC Life on October 14th, pursuant to the receipt of the final approval from IRDAI. The entire transaction – right from the announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger – was completed in less than 14 months. I would like to thank our regulator – IRDAI and all other authorities involved in the M&A for their encouragement, support and timely approvals.”

On the business front, HDFC Life continued to maintain a steady growth trajectory, growing by 11% in terms of total APE in H1 FY23 on a pre-merger basis i.e. excluding Exide Life.

HDFC Life’s Market share in terms of individual WRP for the merged entity i.e. including Exide Life stands at 16.1% amongst private players and 10.2% within overall industry. New business margin for H1 is 27.6%, up from 26.4% in H1 FY22, on a pre-merger basis. There has been margin expansion for both the existing business i.e. pre-merger and the acquired Exide Life business in H1 FY23.

HDFC Life is close to achieving its aspiration of maintaining FY22-margin neutrality for the combined entity, having delivered 26.2% NBM, compared to 26.4% in H1 FY22. The value of new business has grown by 16% on a pre-merger basis and is at Rs. 1,258 Crore for H1.Ends