HDFC Life Insurance, most valued private life insurer announcing their April to June 2022 FY23Q1 financial results today, reported 23 per cent rise in Total Premium at INR 9,396 crores as compared to INR 7,656 crores for the corresponding 3-month period from April 2021 to June 2021 last year.

HDFC Life’s New Business Premium for April 2022 to June 2022 jumped 27 per cent to INR 4,776 crores as compared to INR 3,767 crores during corresponding quarter last year. The Renewal Premium during the 3-month period ending June 30, 2022, jumped 19 per cent to INR 4,620 crores as compared to INR 3,889 crores for the corresponding period last year.

The value of new business has grown 25 per cent during April 2022 to June 2022 to INR 510 crores as compared to INR 408 crores during April 2021 to June 2021.

The Profit after Tax during April to June 2022, grew 21 per cent to INR 365 crores as compared to INR 302 crore during the corresponding period last year.

Commenting on the Q1 FY23 performance, Ms. Vibha Padalkar, MD & CEO, HDFC Life said “We continue to maintain a consistent growth trajectory, growing by 22 per cent in terms of APE in Q1 FY23. This has enabled us to maintain our market leadership as a ‘Top 3 life insurer’ across individual and group business.”

On the retirement front, HDFC Life has emerged as the largest private sector player, and the annuity business has grown by 10 per cent on received premium basis, compared to a 9 per cent de-growth for the industry during April to June 2022, Ms Padalkar said adding, “The regular premium variant of our recently launched annuity product – Systematic Retirement Plan has been well received across channels.”

HDFC Life has launched a new offering in Systematic Pension Plan, which is a participating pension plan, which adds to the existing suite of pension solutions being offered to customers.