Money & Banking

HDFC Life Insurance Q2 net profit up 5.6%

Our Bureau. Mumbai | Updated on October 19, 2020 Published on October 19, 2020

Private sector HDFC Life Insurance registered a 5.6 per cent increase in net profit for the quarter ended September 30, 2020, at ₹326.09 crore. Its net profit amounted to ₹308.69 crore in the same period a year ago.

It registered a 34.8 per cent increase in its net premium income to ₹10,045.44 crore in the July to September quarter this fiscal, compared to ₹7,453.68 crore a year ago.

In a statement on Monday, HDFC Life said its private market share within the group and overall new business segment stood at 27.4 per cent and 23.3 per cent, respectively, in the first half of this fiscal.

Its 13th month persistency stood at 88 per cent between April and September this year, slightly better than 86 per cent a year ago.

As on September 30, its assets under management was ₹1.5-lakh crore with a debt:equity mix of 67:33. About 97 per cent of debt investments were in G-Secs and AAA bonds as on September 30.

Vibha Padalkar, Managing Director and CEO, HDFC Life Insurance, said: “Our focus remains on our long-term strategy of building a sustainable and profitable business and adding value to all key stakeholders. On the back of the improved economic momentum, we are optimistic about being able to sustain our performance across key metrics for the year.”

Its solvency ratio was 203 per cent as on September 30.

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Published on October 19, 2020
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