HDFC Life shares soar nearly 12 pc after December quarter earnings

Shares of HDFC Life jumped nearly 12 per cent after the firm reported a 14 per cent rise in net profit to Rs 415 crore in the December quarter. The stock surged 11.15 per cent to Rs 660.55 on the BSE. At the NSE, it soared 11.67 per cent to Rs 663.60

New Delhi: Shares of HDFC Life on Thursday jumped nearly 12 per cent after the firm reported a 14 per cent rise in net profit to Rs 415 crore in the December quarter.

The stock surged 11.15 per cent to Rs 660.55 on the BSE. At the NSE, it soared 11.67 per cent to Rs 663.60. The private sector insurer’s profit stood at Rs 365 crore in the year-ago period, HDFC Life said in a regulatory filing on Wednesday. However, total income declined to Rs 16,914 crore in the latest quarter from Rs 26,694 crore in the year-ago period.

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The company’s solvency ratio also declined to 188 per cent from 190 per cent as on December 31, 2023 as against the regulatory requirement of 150 per cent. For the nine-month period ended December, the life insurer posted a profit of Rs 1,326 crore as against Rs 1,157 crore in the corresponding period a year ago.