HDFC on July 21 reported a net profit of 415 crore for the April-June quarter of FY24, up by 15 percent from 361 crore recorded in the year-ago period. The net premium income of the insurer came in at 11,479 crore, up 16.5 per cent in the first quarter of current fiscal, from 9,847 crore in the year-ago period. The company reported annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, of 2328 crore, slightly missing market expectations which expected APE to grow to 2340 crore. The assets under management (AUM) crossed the 2.5 lakh crore mark as of June 30. The Indian embedded value was 28.9 per cent up at 41,843 crore compared to 32,471 crore year-on-year as of June 30. “HDFC Bank Ltd. now holds 50.4 per cent of HDFC Life. Our focus is on strengthening our partnership with HDFC Bank, enhancing collaboration, and maximising customer engagement within our group,” said Vibha Padalkar, managing director and chief executive officer (MD & CEO), HDFC Life Insurance. The insurer’s solvency ratio improved during the June quarter and at 200 per cent, compared to 183 per cent a year ago. The solvency ratio of a life insurance company measures its cash flow in comparison to the amount it owes as total life cover. “While the growth is accentuated by a favourable base, we do believe that the pickup in protection is sustainable and the growth is likely to be healthy for the year,” Padalkar said. The insurer remains optimistic about growth opportunities in the life insurance sector, but it plans to go beyond just business growth. “We believe that widespread financial protection is a crucial aspect of economic growth, and we are enthusiastic about collaborating with our regulator to contribute meaningfully to this collective effort,” she added. On July 21, shares of HDFC Life Insurance settled 2.18 per cent lower at 647.25 apiece on the . BSE Related Premium Stories