"One of the key factors is our back book profits and our costs which have been in control. Our back book profits have increased by 18 percent (in Q4FY24) from last year.
Also, our new business growth has been a lot better than what we had expected on a normalised basis supporting good delivery of profits," said Vibha Padalkar, managing director and chief executive officer, HDFC Life Insurance Sequentially, the net profit increased by 12.76 percent from ₹365.06 crore in the third quarter of FY24.
During the reported quarter, the value of new business (VNB) margin contracted to 26.10 percent from 29.30 percent in Q4FY23 owing to the high base effect after the removal of tax benefits on the high value life insurance policies.
the budget "Despite changes impacting high ticket sized business this year, we delivered a healthy growth of 20 percent for Q4 after adjusting for the one-off business of ₹1,000 crore in March 2023.
This story is from the April 19, 2024 edition of Business Standard.
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This story is from the April 19, 2024 edition of Business Standard.
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