HDFC Life Insurance Company (HDFCLIFE) Q3 24/25 earnings summary

Executive summary

• Nine-month FY25 individual WRP growth was 22%, outpacing private industry (19%) and sector (14%), with overall market share rising to 10.8% and private sector share at 15.3%.

• Total premium for 9M FY25 grew 12% YoY to Rs 470.1 bn, with 24% YoY growth in individual APE and 15% YoY increase in PAT to Rs 13.3 bn.

• Retail sum assured rose 22% YoY; number of lives insured surpassed 36 million.

• Assets under management rose 18% YoY to Rs 3,286.8 bn; Indian Embedded Value (IEV) up 18% YoY to Rs 532.5 bn.

• Solvency ratio remained strong at 188% as of December 31, 2024.

Financial highlights

• Value of new business (VNB) for nine months was INR 2,586 crores, up 14% YoY; new business margin for nine months was 25.1%.

• New business premium grew 11% YoY to Rs 223.9 bn; renewal premium up 12% YoY to Rs 246.2 bn.

• Profit after tax for the nine months ended December 31, 2024, was ₹133,546 lakh, up from ₹116,244 lakh YoY.

• Embedded value grew 18% to INR 53,246 crores; operating return on embedded value was 16.0%.

• Basic EPS for the quarter was ₹1.96, up from ₹1.71 YoY.

Outlook and guidance

• Management expects seasonality to boost growth in Q4, maintaining annual growth targets.

• Focus on profitable growth, diversified distribution, and technology-driven customer experience.

• Emphasis on long-term insurance solutions and product innovation to capture under-penetrated segments.

• Results are subject to seasonality and may not be indicative of full-year performance.