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DHFL Pramerica Life Insurance Company (DPLI) posted 139 per cent growth in Profit After Tax (PAT) at Rs 46.8 crore for the half year ending September 30, compared to the same period last year.
The private life insurer’s PAT stood at Rs 19.6 crore in H1 of 2016-17, the company said in a release issued here.
Gross Written Premium (GWP) of the company went up by 76 per cent at Rs 803 crore compared to Rs 456 crore in H1 FY17, it said.
New Business Premium also witnessed 84.85 per cent growth at Rs 647 crore in the first half of this financial year against Rs 350 crore in the same period of FY17.
“We are delighted by the performance of DPLI, not only on financial parameters but also on business quality and customer orientation.
“With a PAT growth of 139 per cent and 13th month persistency ratio at 75 per cent in H1 FY18, our continued focus on building quality business through a sharply segmented and differentiated approach is producing better than planned results on all fronts,” DPLI Managing Director and CEO Anoop Pabby said.
He said, the company’s reach was further strengthened during this period as it signed a Bancassurance tie-up with Dhanlaxmi Bank, a dominant South based bank.
“Our protection focus is underlined by the fact that we now protect over 17 million lives in our portfolio. DPLI will continue to sharpen its approach in enhancing quality of advice in its pursuit to become one of the most preferred life insurance partner for customers as well as distributors,” he added.
The company currently protects over 17 million lives and now has 108 branch offices across India. It has 30 life insurance products and six riders in its products basket, fulfilling a gamut of life insurance needs from child’s future protection to retirement in its portfolio.
DPLI is a joint venture between DHFL Investments (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation (DHFL) and Prudential International Insurance Holdings (PIIH), a fully-owned subsidiary of Prudential Financial (PFI) that is a financial services leader headquartered in the US.
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