Mumbai (Maharashtra) [India], April 27 (ANI): HDFC Life Insurance has recorded 17 per cent growth in terms of individual weighted received premium (WRP) during FY21 on a base of 19 per cent growth in FY20.
In comparison, the private industry grew by 8 per cent on a base of 5 per cent growth in FY20. HDFC Life sold about 9.8 lakh new individual policies, registering a YoY growth of 10 per cent.
The value of new business (VNB) increased by 14 per cent to Rs 2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to new business margin of 26.1 per cent.
The company reported profit after tax of Rs 1,360 crore in FY21 and proposed final dividend of Rs 2.02 per share.
HDFC Life's 13th and 25th persistency stands at 90 per cent and 81 per cent respectively, up from 88 per cent and 76 per cent in the previous year.
"In what has been uncertain times for humanity, we remain sensitive about the health impact and loss of lives due to pandemic and continue to prioritise employee, customer and partner safety," said Vibha Padalkar, Managing Director and CEO.
Over the course of the year, the company settled over 2.9 lakh death claims resulting in payouts in excess of Rs 3,000 crore.
"Based on our actual experience in FY21 and after factoring in aspects like latest mortality trends across business and customer segments and geographic spread of Covid 2.0, we have provided for a Covid reserve of Rs 165 crore for FY22," said Padalkar.
As on March 31, HDFC Life's assets under management totalled Rs 1.74 lakh crore (debt: equity mix 64:36). About 98 per cent of debt investments were in G-Secs and AAA bonds. (ANI)