HDFC Life Insurance Q2 profit rises 6 pc to Rs 328 cr

Total income jumped nearly 90 per cent to Rs 16,426.03 crore as against Rs 8,661.33 crore in the second quarter of 2019-20, HDFC Life said in a regulatory filing.

New Delhi: HDFC Life Insurance Company on Monday reported 6.1 per cent increase in consolidated net profit at Rs 327.83 crore for September quarter 2020-21. The life insurer had posted a net profit of Rs 308.98 crore in the year-ago period.

Total income jumped nearly 90 per cent to Rs 16,426.03 crore as against Rs 8,661.33 crore in the second quarter of 2019-20, HDFC Life said in a regulatory filing. Net premium income during the quarter grew 35 per cent to Rs 10,056.71 crore. Income from investment jumped multi-fold to Rs 6,318.81 crore from Rs 1,135.12 crore.

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The company’s asset under management as on September 30, 2020 stood at Rs 1.5 lakh crore. Opening up of the economy led to a pick-up in activity levels on the ground which also resulted in a marginal uplift in household income and spends, MD & CEO Vibha Padalkar said.

“Insurance as a category has emerged stronger as a vehicle to protect one’s family and realise their long term financial goals. Customers are more active in decision making resulting in traction in the individual business,” she said.

“Our market share in terms of Individual WRP (weighted retail premium) 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,” she added. HDFC Life stock settled 1.64 per cent higher at Rs 570.65 on BSE.