Mumbai-headquarter HDFC Life Insurance Company on Wednesday posted a profit after tax of Rs 359 crore for the fourth quarter (Q4FY23) ending March 31, 2023, almost flat as compared to Rs 357 crore in the same quarter last year. The board has also proposed a final dividend of Rs 1.90 per share.

Share Market Live

NSE

"Recommended final dividend of Rs 1.90/‐ per equity share of face value Rs 10 each for the financial year 2022‐23, subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM)," the company said in a filing.

On a sequential basis, net profit for the March quarter surged 14 percent from Rs 315 crore reported in the preceding October to December quarter.

"We closed the year with a strong growth of 27 percent in individual WRP with a market share of 16.5 percent and 10.8 percent in the private and overall sector respectively, clocking expansion of 40 and 70 basis points respectively. We continue to grow faster than the private industry and be ranked amongst the top 3 life insurers across individual and group businesses. In terms of Individual WRP, we have outpaced the private industry over multiple timeframes including, in the past 3, 5 and 7 years, thereby consistently demonstrating growth leadership," said Vibha Padalkar, MD & CEO.

The Board has approved the appointment of Dr Bhaskar Ghosh as Additional ‐Independent Director, effective April 26, 2023, for a term of five years. Dr Ghosh has not been debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority.

The Board has also approved the appointment of Niraj Shah as Additional‐ Whole‐time Director (designated as Executive Director and CFO), effective April 26, 2023, for a term of three years, subject to approval of the Shareholders.

Shares of HDFC Life Insurance Company Ltd settled 530.90 per cent higher at Rs 530.90 apiece in Wednesday's trade. The stock gained 7.70 per cent in the last one month. It touched a 52-week high of Rs 620.60 on January 6, 2023 and 52-week low of Rs 457.80 on March 16, 2023.

First Published:Apr 26, 2023 4:18 PM IST