HDFC Life Insurance reported a near 12 per cent increase in net profit for the first quarter of the fiscal, led by robust growth in new business premiums. The insurer’s net profit rose to ₹425 crore for the quarter ended June 30, 2019, registering an 11.8 per cent increase from ₹380 crore in the same period a year ago.
Its total premium in the first quarter of the fiscal grew 29 per cent to ₹6,536 crore, against ₹5,058 crore in the corresponding period last fiscal.
New business premium rose by 47 per cent to ₹3,926 in the first quarter, against ₹2,678 crore a year ago. New business margins were at 29.8 per cent in the quarter under review, from 24.2 per cent a year ago. The 13th-month persistency also improved to 88.8 per cent in the first quarter of the fiscal, from 85 per cent in the year-ago period. “We expanded our market share in the private sector to 25.1 per cent compared to 22.3 per cent in the first quarter of last fiscal, based on total new business received premium,” said HDFC Life.
Vibha Padalkar, MD and CEO, HDFC Life Insurance, said: “We have stepped up efforts within the protection and retirement space, which we expect would fuel our growth across market cycles. Our digital capabilities put us in a good position to maximise the potential of the life insurance industry.”