HDFC Life Insurance announcement:
HDFC Life Insurance announced its highest-ever bonus of Rs 3,722 crore on participating plans for nearly 22.23 lakh policyholders on Wednesday. In participating or ‘par’ policies, life insurance companies share profits with policyholders in the form of bonuses, reflecting a mutual partnership between the insurer and policyholders.
Of the total bonus amount, Rs 2,798 crore will be disbursed to policies in the current financial year (FY25) as maturity or cash bonuses. The remaining bonus will be payable in the future upon policy maturity, death, or surrender. Vibha Padalkar, Managing Director and CEO of HDFC Life, stated, “We are delighted to announce an increase in bonuses for our valued policyholders this year. Life insurance policies are designed for the long term, and bonuses reward policyholders’ loyalty throughout the policy term. We are committed to providing the best products and services to our policyholders, ensuring value for all our stakeholders.”
HDFC Life Insurance reported a 14.7% year-on-year (YoY) growth in net profit to Rs 411.66 crore for the quarter ended March 31, 2024, up from Rs 358.66 crore in the corresponding period last year, driven by profit emergence in the back book. Additionally, in April 2024, the insurer achieved a 4.31% growth in New Business Premium (NBP), reaching Rs 1,575.17 crore compared to Rs 1,510.08 crore in the same period the previous year.
