HDFC Life on Friday reported a 15 per cent increase in net profit at Rs 415 crore in the first quarter of the current fiscal year.

The company had reported a profit of Rs 361 crore in April-June 2022-23.

Total premium rose 16 per cent to Rs 11,673 crore during the quarter, as compared with Rs 10,050 crore in the year-ago period, HDFC Life said in a statement.

During the latest quarter, the first-year premium collection rose 19 per cent to Rs 5,869 crore, from Rs 4,949 crore in the same period a year ago.

The company's solvency stands at 200 per cent, as compared to 178 per cent in the same quarter a year ago.

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The board has recommended a dividend of Rs 1.90 per share, aggregating to a pay-out of Rs 408 crore, subject to approval by the shareholders.

The Indian Embedded Value of the company witnessed a 29 per cent increase to Rs 41,843 crore at the end June 2023.