HDFC Life Q2 standalone net profit rises 5.6 pc to Rs 326.09 cr
Private life insurer HDFC Life on Monday reported a 5.64 per cent rise in standalone net profit to Rs 326.09 crore in the second quarter ended September 30, compared to Rs 308.69 crore in the year-ago period
Private life insurer HDFC Life on Monday reported a 5.64 per cent rise in standalone net profit to Rs 326.09 crore in the second quarter ended September 30, compared to Rs 308.69 crore in the year-ago period. On a consolidated basis, its net profit stood at Rs 327.83 crore in the reporting quarter as against Rs 308.98 crore a year ago.
Its net premium income was Rs 10,045.44 crore during the second quarter compared to Rs 7,453.68 crore
The insurer's first-year premium stood at Rs 1,675.15 crore in Q2 FY21 as against Rs 1,452.72 crore in the same quarter last year.
In the April-September period, the insurer reported a 6 per cent rise in its profit after tax at Rs 777 crore against Rs 733 crore in the first half of the previous fiscal.
"Our market share in terms of individual WRP has increased by 235 basis points from 15.2 per cent to 17.5 per cent. Our focus remains on our long term strategy of building a sustainable and profitable business and adding value to all key stakeholders," the company's managing director and CEO Vibha Padalkar said.
During the first half of this fiscal, its individual annualised premium equivalent (APE) declined one per cent to Rs 2,834 crore from Rs 2,865 crore.
New business premium (individual + group) grew 7 per cent to Rs 8,496 crore in H1 from Rs 7,914 in the corresponding period previous fiscal.
During the first six months, renewal premium (individual + group) rose 22 per cent to Rs 7,549 crore as against Rs 6,177 crore.
Assets under management surged 15 per cent to Rs 1,50,622 crore, compared to Rs 1,31,012 crore in the April-September period of FY20.
"While we remain sensitive about the health impact and loss of lives due to the pandemic and continue to focus on employee, customer and partner safety norms, opening up of the economy has led to a pickup in activity levels on the ground.
"This has also resulted in a marginal uplift in household income and spends. Insurance as a category has emerged stronger as a vehicle to protect one's family and realise their long term financial goals," Padalkar said.
Customers are more active in decision making, resulting in traction in the individual business, she added.
The solvency ratio of the company stood at 203 per cent in H1 FY2021 as against 192 per cent during H1 FY20.
The company received 418 COVID-19 death claims worth Rs 22 crore till now.
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The company's scrip on Monday closed at Rs 570.65 apiece, up 1.64 per cent on the BSE.
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