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HDFC Life Insurance registered an 18.5 per cent year-on-year (YoY) growth in net profit to Rs 245.63 crores during the December-end quarter. The private sector insurer, however, reported a net decrease in the income from investments to Rs 5,271.84 crores for the nine month period as compared to the same period a year ago.
MD & CEO of HDFC Life Insurance Vibha Padalkar stated that their commitment towards diversification, both in terms of product mix and distribution, has helped the company to withstand macro as well as regulatory headwinds.
According to the company’s statement, the protection annualised premium equivalent (APE) surged by 66 per cent YoY to Rs 673 crore for the April-December 2018 period as compared to the corresponding period. Protection business comprised 28.1 per cent of the total new business premium.
The company stated that HDFC Life invested Rs 116 crore in its Dubai subsidiary HDFC International Life and Re during the third quarter of the current fiscal. The board also approved the appointment of Niraj Ashwin Shah as the chief financial officer of HDFC Life with effect from March 1, 2019.
