Private life insurer HDFC Life Insurance posted a 5 percent year-on-year (YoY) increase in its December quarter (Q3) net profit at Rs 263.44 crore on improvement in investment income and premium collection.
A Reuters estimate had pegged the net profit of HDFC Life at Rs 370.2 crore for the third quarter of FY21.
The net premium income stood at Rs 9,488.84 crore in Q3 as against Rs 7854.98 crore in the year-ago period.
Vibha Padalkar, Managing Director and Chief Executive Officer, HDFC Life Insurance, said, “We are witnessing a lift in customer confidence, which is also reflected in the new business premium trends for both the individual as well as the group credit protect the business. We continue to see a pickup in the savings business, accompanied by an increase in both the average ticket size as well as the number of policies.”
For nine months ended December 31 (9MFY21), the new business margin stood at 25.6 percent as against 26.6 percent a year ago.
The total annualized premium equivalent for 9MFY21 was at Rs 5,491 crore which was a 4 percent YoY increase over the year-ago period.
As of December 31, the assets under management stood at Rs 1.7 lakh crore. Here, 64 percent was debt and 36 percent was equity. Further, about 98 percent of debt investments were in G-Secs and AAA bonds.
HDFC Life Insurance Q3 Net Profit up 5%
