Private sector HDFC Standard Life Insurance on Tuesday posted a 20.3 per cent increase in its net profit to ₹286.98 crore for the quarter ended September 30, 2018, compared with ₹236.49 crore in the same period a year ago.

Its gross premium income rose to ₹6,840.52 crore (₹5,636.6 crore).

The company also reported a 25.75 per cent increase in its net premium income to ₹6,777.55 crore (₹5,389.43 crore).

“We continue to grow faster than the industry. We will also continue our strategy of harnessing newer pools of profitability,” said Vibha Padalkar, Managing Director and CEO, HDFC Standard Life Insurance.

In a statement, the company said it has maintained its leadership position in terms of new business with a market share of 21.2 per cent in the private sector for the first half of the fiscal year.

In a regulatory filing, the life insurer said the Income from Investments decreased to ₹2,886.99 crore in the first half of the fiscal ended September 30, 2018 from ₹5,278.28 crore a year ago largely due to lower mark-to-market gains in the unit-linked segment compared to previous period due to market movements.

“The investment return in the unit-linked segment is directly passed on to the policyholders with corresponding changes in the reserves; with no direct impact to the surplus/profits for the relevant period,” it added.

Name change

The board of directors at its meeting on July 20, also approved the proposal for changing the corporate name of the company from “HDFC Standard Life Insurance Company Limited” to "HDFC Life Insurance Company Limited", subject to approvals, the filing said.

It further said that Padalkar, who was appointed as MD and CEO of the company from September 12 will continue as the Chief Financial Officer till the appointment of new CFO.

The company’s shares fell 2.07 per cent and closed at ₹359.15 apiece on the Bombay Stock Exchange on Tuesday.

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