HDFC Life says it resolved data theft issue, improved security protocols

HDFC Life Insurance Company Limited has provided an update on the data theft incident that occurred between November 19-21, 2024. The company said engaged leading information security experts to conduct a thorough assessment of the breach and the company’s IT systems.”The assessments have now been completed, revealing that the unauthorised exploitation was confined to a specific, identified issue. This issue has since been promptly addressed and remediated,” the insurer said in a statement.
In response, HDFC Life said it has implemented enhanced security protocols to further strengthen its IT infrastructure and ensure the protection of customer data.

#NewsFlash | #HDFCLife issues update on data-theft incident. Says this issue has been promptly addressed and not resulted in any material adverse impact. Further states that it has implemented enhanced security protocols & IT Infra.

????Alert : #HDFCBank reported data theft… pic.twitter.com/PRroHuGK5n— CNBC-TV18 (@CNBCTV18Live) March 13, 2025

The company assured that the incident has not had any material adverse impact on its operations. “The company is fully committed to maintaining the highest standards of cyber security and data protection and has instituted several measures that will help strengthen the same,” HDFC Life said.

This disclosure has been made as part of the company’s commitment to good governance and to keep stakeholders informed.HDFC Life reported a 15% rise in its third quarter of FY25 net profit, reaching ₹421.31 crore. This is up from ₹367.54 crore in the third quarter of FY24.

Net premium income grew by 10%, totaling ₹16,832 crore. This compares to ₹15,273 crore in the same quarter last year.

However, profit after tax (PAT) declined by 3.2% from ₹435.18 crore in Q2FY24.

HDFC Life’s overall market share (individual WRP) increased by 70 bps, reaching 10.8%. The private sector market share stood at 15.3%.

Shares of the company were trading 1.6% lower at a price of ₹622.10 on Thursday.