HDFC Life Insurance ltd on Monday announced its Q2 FY2021 results. The company reported a net profit of Rs 327.83 crore for the September quarter, a 6% growth YoY. It had posted a profit of Rs 308.98 crore in the corresponding quarter previous year.
The insurance company posted a total income of Rs 16,426 crore during the Q2 FY2021 period as compared to Rs 8,661.33 crore during the FY2020 period. In the previous quarter, it posted Rs 14,520.83 crore revenue.
The Mumbai based company has reported Earnings per Share (EPS) of Rs 1.62 for the period. It had posted EPS of Rs 2.23 for the previous Q1 June period.
Ms. Vibha Padalkar, MD & CEO said, “While we remain sensitive about the health impact and loss of lives due to the pandemic and continue to focus on employee, customer and partner safety norms, opening up of the economy has led to a pickup in activity levels on the ground. This has also resulted in a marginal uplift in household income and spends. Insurance as a category has emerged stronger as a vehicle to protect one’s family and realise their long term financial goals. Customers are more active in decision making resulting in traction in the individual business.”
“Our market share in terms of Individual WRP has increased by 235 basis points from 15.2% to 17.5%. Our focus remains on our long term strategy of building a sustainable and profitable business and adding value to all key stakeholders. On the back of the improved economic momentum, we are optimistic about being able to sustain our performance across key metrics for the year.”
