India-based HDFC Life Insurance has reported a net profit of $50m (Rs4.15bn) for the first quarter of FY24, marking a 15% increase compared with $44m (Rs3.61bn) in the prior year quarter.

Net premium income for the quarter was Rs114.79bn, a rise of 16.5% from Rs98.47bn in the year-ago quarter.

In the first quarter, the insurer recorded an annualised premium equivalent (APE) of Rs23.28bn, up 13% year-over-year (YoY).

The Indian embedded value of the company for the quarter was recorded at Rs418.43bn as against Rs324.71bn in the year-ago period, representing a surge of 28.9%.

The company reported a 19% rise in the assets under management (AUM) of life insurance.

The insurer also noted that its solvency ratio rose to 200% from 183% in the prior year’s quarter. 

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HDFC Life Insurance MD and CEO Vibha Padalkar said: “We closed the quarter with a robust growth of 12% in individual WRP, which was 1.5x of private industry, despite coming off a strong March.

“Over the last four years, despite facing open architecture and intense competition from unlisted insurers, our market share has steadily increased from 12.5% in FY19 to 16.5% in FY23 in the private sector and 7.2% to 10.8% at an overall industry level.”

Recently, Indian banking company HDFC acquired a 0.7% stake in HDFC Life Insurance in an Rs9.93bn deal.