HDFC Life reported a nearly 14% increase in December quarter net profit to ₹414.94 crore compared to ₹365.06 crore in the year earlier.
Total income of the private life insurance company declined almost 37% at ₹16,914.07 crore (₹26,695.93 crore) on the back of a slump in income from investments to ₹192.09 crore (₹11,369.81 crore). The income from investments is net of amortisation and losses, including capital gains.
Net premium income, a key performance metrics for insurers, rose more than 10% to ₹16,771.26 crore (₹15,235.33 crore), the standalone results of HDFC Life showed.
In a release on the performance for the nine months ended December, the company said net profit rose almost 15% year-on-year to ₹1,326 crore (₹1,157 crore) on the back of an 18% increase in profit emergence from its back book. Value of new business (VNB) increased 14% to ₹2,586 crore (₹2,267 crore), reflecting a strong growth in profitable business, it said.
Total income, however, was more than 1% lower at ₹72,061.79 crore (₹72,884.91 crore). Solvency ratio stood at 188% as against 190% in the corresponding period of previous fiscal. The regulatory threshold is 150%.
The company witnessed both ticket size and volume expansion during the nine months. The number of policies increased by 15%, outperforming the private sector’s growth of 9%. “We are committed to adapting to the evolving market landscape with agility and resilience. This includes continued investment in distribution, tech and customer-centric product innovations to deliver long-term value for our stakeholders,” Managing Director and CEO Vibha Padalkar said.
Published – January 15, 2025 08:46 pm IST
