On Friday, HDFC Life Insurance Co. announced a 19% increase in net profit for the September quarter, coming in at Rs.326.24 crore. In the equivalent quarter of the previous fiscal year, the company had reported a net profit of Rs.274.16 crore.
From Rs.11443.96 in the same quarter of the previous fiscal, the net premium income for the quarter increased by about 15% to Rs.1,3110.91 cr.
The solvency ratio of HDFC Life Insurance was 210 percent, up from 183 percent a quarter earlier.
“We have grown in line with the industry and faster than listed peers this quarter, which also led to market share improvement from 14.6% in Q1 to 15.0% in Q2 on a pre-merger basis,” said Vibha Padalkar, MD and CEO.
The company’s new business premium decreased by 7% YoY to Rs.6,147 from Rs.6,596 in the prior quarter, but the value of new business increased by 10.3% YoY to Rs.748 from Rs.678.
The share price of HDFC Life Insurance is up 0.36 percent at Rs.539 on the BSE.
