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HDFC Standard Life Insurance, registered a 20.3 per cent rise in its net profit, standing at Rs. 286.98 crores for the September-end quarter of the current fiscal, as compared to Rs. 236.49 crores in the corresponding quarter of last year period.
HDFC Life said in a BSE filing that the gross premium income, inclusive of the first year, renewal premium and single premium, surged to Rs. 6,840.5 crores during the quarter under review. In the previous year same quarter, it stood at Rs. 5,636.6 crores.
Vibha Padalkar, Managing Director and CEO, HDFC Standard Life Insurance stated, “We continue to grow faster than the industry. We will also continue our strategy of harnessing newer pools of profitability.”
According to the company’s statement, the company also registered a 25.75 per cent Y.o.Y increase, in its net premium income at Rs. 6,777.55 crores from Rs.5,389.43 crores of the previous year. The company also said it has maintained its leadership position in terms of new business with a market share of 21.2 per cent in the private sector for the first half of the fiscal year.
The company also declared in the filing that the board of directors at its meeting on July 20, approved the proposal for changing the corporate name of the company from “HDFC Standard Life Insurance Company Limited” to “HDFC Life Insurance Company Limited”, which is subject to approvals.
It further added that Padalkar, who was appointed as MD and CEO of the company from September 12 will continue as the Chief Financial Officer till the appointment of new CFO.
