Q2 2025 HDFC Life Insurance Company Ltd Earnings Call Transcript
Key Points
- HDFC Life Insurance Co Ltd (NSE:HDFCLIFE) achieved a robust growth of 31% in individual APE on a YoY basis, outperforming the private sector growth.
- The company recorded a 22% increase in the number of policies sold, with a ticket size expansion of 7%, indicating strong demand across various geographies.
- HDFC Life's market share among private players increased by 60 basis points to 16.3%, and overall market share reached a new peak of 11%.
- The company maintained a strong solvency ratio of 192% after raising INR1,000 crores in subordinated debt, ensuring financial stability.
- HDFC Life's subsidiary, HDFC Pension, crossed the INR1 lakh crore milestone in assets under management, showcasing significant growth in the pension fund management sector.
- The company's new business margins compressed to 24.6%, primarily due to product mix changes and deferment in repricing of certain traditional products.
- Annuity business growth was slower due to aggressive and unsustainable pricing by competitors, impacting overall profitability.
- The credit protect segment experienced softness due to calibration in disbursements across some partners and business lines.
- There is uncertainty regarding the impact of new surrender regulations on margins, with potential for further margin compression.
- Competitive intensity in the annuity and credit life segments poses challenges, with some competitors offering aggressive pricing.
Ladies and gentlemen, good day, and welcome to HDFC Life Insurance Limited Results Conference Call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Ms. Vibha Padalkar, MD, CEO, HDFC Life. Thank you, and over to you, Ms. Padalkar.
Thank you, Andrew. Good afternoon. I would like to welcome everyone to our earnings conference call for the half year ended September 30, 2024. Our results, which includes the investor presentation, press release and regulatory disclosures, have already been made available on both our website and the stock exchanges. Joining me are Niraj Shah, ED and CFO; Vineet Arora, Chief Business Officer, Distribution, Data and Technology; Eshwari Murugan, our Appointed Actuary; and Kunal Jain, SVP, Investor Relations and Business Planning.
Moving on to key highlights of H1 FY25. Starting with operating performance. The private sector and overall industry continued
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