HDFC Life, one of India's leading life insurers on Friday registered 15.84% decline in consolidated net profit to Rs 2,759.1 million in the quarter ended September 2021 as against Rs 3,278.3 million during the previous quarter ended September 2020. Sales rose 13.81% to Rs 114,455.3 million in the quarter ended September 2021 as against Rs 100,567.1 million during the last quarter ended September 2020.

Vibha Padalkar, MD & CEO said, "Our business performance remains strong with 22% growth and private market share of 16.2% in terms of Individual WRP in H1 FY22."New business margin (NBM) expanded by 130 bps with NBM at 26.4% for H1 FY22, higher than 25.1% in H1 FY21, she said.

"Value of New Business was Rs 10,860 million, recording a robust growth of 30% over last year. Our Profit after Tax stands at Rs. 5,770 million for H1 (26% lower than H1 FY21), on the back of higher claims reserving warranted by the second wave of the pandemic," she added.

The product mix was balanced with non-par savings at 32%, participating products at 30% and ULIPs at 26% on APE basis. Annuity business registered healthy growth of 47% vis-à-vis H1 FY21, with annuities contributing about 24% of our new business premium. Protection APE including group recorded yoy increase of 41% for H1 and comprises 21% of our new business premium.

Further, on claims, the life insurer settled around 2,00,000 claims in H1 FY22. Gross and net claims amounted to Rs 36,400 million and Rs 24,660 million respectively.

Its subsidiary, HDFC Pension, crossed the milestone of 200 billion AUM and registered 97% growth yoy.

Padalkar believes that the current environment is conducive for a robust growth of the life insurance sector as there is an increased awareness about life insurance as a financial protection tool.

Shares of the company declined Rs 4.25, or 0.61%, to settle  at  Rs 690.65.  The total volume of shares traded  was 198,580 at  the BSE (Friday).