HDFC Life Q2 net profit up 20%
HDFC Standard Life Insurance Company on Tuesday reported a 20.3 per cent rise in net profit on the back of improvement in the gross premium income.
Net profit for the quarter ended September was Rs 286.98 crore against
Rs 238.49 crore in the corresponding quarter of the previous year. The gross premium income during the quarter, including first-year premium, renewal premium and single premium, was Rs 6,480.52 crore against Rs 5,436.6 crore in the second quarter of 2017-18.
The net premium income increased to Rs 6,777.55 crore from Rs 5,389.43 crore a year ago.
In the first six months of the current financial year, the company saw a 43 per cent rise in new business premium and an 18 per cent increase in renewal premium, including individual and group segments.
The assets under management of the life insurer in the first half of the fiscal stood at Rs 1,13,230 crore, up 14 per cent over the previous year. Networth at Rs 5,410 crore was higher by 22 per cent over the year-ago period.
Vibha Padalkar, who was appointed as the managing director and CEO from September 12, will continue as the chief financial officer of the insurer till further replacement, the insurer said in a filing with the bourses.