The value of new business (VNB) declined 26.4% to ₹776 crore versus ₹1,055 crore in the corresponding quarter previous year. The company reported a 17% growth in net premium income to ₹14,788 crore against ₹12,629 crore in Q4FY23.
With flat growth in annual premium equivalent and a dip in the value of new business, HDFC Life s investors may need to rethink expectations as growth slows and valuations remain high
In the first quarter of FY24, HDFC Life, SBI Life, and Max Financial Services are projected to achieve year-on-year annual premium equivalent (APE) growth of 15%, 8%, and 8%, respectively, while ICICI Prudential Life is likely to experience a 9% decline in APE on year. According to Motilal Oswal, value of new business (VNB) growth is estimated at approximately 8% on-year for SBI Life, 28% for HDFC Life, and 17% for Max Financial Services, while ICICI Prudential Life s VNB is expected to decline by 5% on year in the first quarter.
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