HDFC Life logs Rs 1,569 crore PAT, declares final dividend of Rs 2

Chennai: Private life insurer HDFC Life Insurance Company Ltd closed FY24 with a net profit of Rs 1,569 crore, earning a total premium of about Rs 63,076 crore, against Rs 1,360 crore net profit and a total premium of Rs 57,533 crore in FY23.

"Despite the budget changes impacting high ticket sized business this year, we delivered a healthy growth of 20 per cent for Q4 after adjusting for the one-off business of Rs 1,000 crore in March 2023," MD & CEO Vibha Padalkar said.

She said the company logged a growth of 11 per cent, thereby achieving the stated aspiration of double-digit growth.

The life insurer’s renewal premium collections grew by 18 per cent year-on-year and the persistency for the 13th month and 61st month was 87 per cent and 53 per cent, respectively.

The company board has recommended a final dividend of Rs 2 per equity share of Rs 10 each for FY24.