The insurer drives Broad-based growth led by deeper presence across geographies and customer segments
FinTech BizNews Service
Mumbai, January 12, 2024: The Board of Directors of HDFC Life approved and adopted today the audited standalone and reviewed consolidated financial results for nine months ended December 31, 2023. Below is the summary of the standalone results:
PERFORMANCE FOR NINE MONTHS ENDED DECEMBER 31, 2023
Broad-based growth led by deeper presence across geographies and customer segments; whilst delivering a robust PAT growth.
Commenting on results for nine months ended December 31, 2023, Ms. Vibha Padalkar, MD & CEO said: “We continued to be ranked amongst the top 3 life insurers across individual and group businesses. The number of policies clocked a healthy growth of 9%, outpacing private and overall industry. This aligns with our core objective of establishing a sustainable long-term business by broadening our customer reach. We have covered close to 5 crore lives across our individual and group businesses. Growth from Tier 2 and 3 markets remain strong, witnessing 14% growth year on year. Our retail protection grew by 36% based on individual APE and credit protect clocked 21% growth YoY.”
“Towards the latter part of Q3FY24, we introduced Click 2 Achieve, an industry first, do-it-yourself (DIY) non-par savings product. This innovative plan empowers customers to create unlimited combinations, tailor their cash flows to align with personal goals, with the cushion of a guaranteed return. The product has been received well across channels and garnered 100 crores within 4 weeks of its launch. This is our 2nd ‘100 crore in a month’ blockbuster product to be launched this year.
We are proud to announce our new bancassurance partnerships with Karnataka Bank, Karur Vysya Bank and NKGSB Co-operative Bank and we are confident of growing with them over the next few years whilst offering their customers a range of innovative and customer-centric financial solutions.
As the protection gap in our country continues to widen, we remain focused on offering solutions to tap into this vast opportunity. We expect to grow by leveraging multiple drivers including strengthened market position at HDFC Bank, capitalising on ongoing investments such as branch expansion and new tie-ups, continuing to scale up a high quality proprietary business led by agency and favourable macro environment shifts.”
