HDFC Life Insurance on Tuesday reported a standalone net profit of ₹433 crore for the quarter ended September 30, 2024, a growth of 15 per cent year on year from ₹376.79 crore in the year ago period.

With the industry undergoing regulatory changes from October onwards, including new surrender value norms coming into effect, the life insurer said that that it has realigned over 40 products contributing 95 per cent of its business in line with the new regulations.

Standalone net premium income during the second quarter was ₹16569.70 crore compared to ₹14755.96 crore in the corresponding quarter previous year.

For the first six months of FY25 the life insurer’s net profit was ₹911 crore, up 15 per cent year on year from ₹792 crore. While new business premium grew by 12 per cent to ₹14497 crore during H1FY25, new business margin declined to 24.6 per cent from 26.2 per cent in H1FY24 with a higher share of low margin ULIPs in the business mix driven by buoyant equity market.

“The private sector and overall industry continued its strong momentum in Q2, growing in H1FY25 by 24 per cent and 21 per cent respectively on an individual weighted received premium basis. We have outperformed the private sector by growing at 28 per cent during this period and 19 per cent on a 2 year CAGR basis. We registered an increase of 22 per cent in the number of policies, which was significantly ahead of the private sector growth of 13 per cent. We experienced secular growth trends across Tier 1, Tier 2 and Tier 3 geographies,” said Vibha Padalkar, managing director and CEO of HDFC Life.

“On the regulatory front, we have successfully relaunched more than 40 top products contributing to about 95 per cent of the business, in alignment with revised regulations as on October 1, 2024 and we plan to relaunch other products during the course of the quarter. We are thankful to the regulator in allowing us an additional time of three months for transitioning to the new product regulations,” she said.

Responding to analysts at the quarterly earnings call, Padalkar said that the share of ULIPs in the product mix has increased from 28 per cent in H1FY24 to 36 per cent in H1FY25.

HDFC AMC

HDFC Asset Management Company (AMC) on Tuesday reported a 32 per cent year-on-year growth in profit after tax (PAT) to ₹576.61 crore for the three months ended September 2024. The HDFC AMC’s profit after tax stood at ₹436.52 crore a year ago.Total income rose 38 per cent to ₹1,058.19 crore from ₹765.35 crore in the year-ago period.

PVR Inox

Leading multiplex operator PVR INOX on Tuesday reported a consolidated net loss of ₹12.1 crore for the second quarter ended September 2024. The company posted a net profit of ₹166.2 crore a year ago.