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HDFC Life Insurance posted a 14.4 per cent drop in net profit to ₹311.71 crore in the fourth quarter of FY20 against ₹364.01 crore in the same period a year ago. Its net premium income grew by a marginal 2.1 per cent to ₹10,464.46 crore in the January to March quarter of FY20 when compared to ₹10,247.50 crore a year ago.
For FY20, its net profit inched up by 1.4 per cent to ₹1,295.27 crore against ₹1,276.79 crore in FY19. In a statement, it said its annualised premium equivalent (APE) grew 18 per cent to ₹7,407 crore in 2019-20 from ₹6,260 crore a year ago.
The value of new business increased by 25 per cent to ₹1,919 crore last fiscal from ₹1,537 crore in the previous fiscal.
As on March 31, 2020, its assets under management amounted to ₹1.3 lakh crore with a debt: equity mix of 71:29.
Vibha Padalkar, Managing Director and CEO, HDFC Life said: “We continue to deliver growth higher than industry and register steady performance across all key metrics. We believe that insurance remains a multi-decade opportunity with significant potential.”
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