Comments
Private sector HDFC Life Insurance registered a 5 per cent increase in net profit in the fourth quarter of fiscal year 2018-19, with healthy growth in premium income. The company’s net profit grew by 4.9 per cent to ₹364.01 crore in the quarter ended March 31, 2019, against ₹346.84 crore in the same period a year ago.
Vibha Padalkar, Managing Director and CEO, said: “We continue to record above industry level growth and maintain our leadership position on profitability.”
For the full fiscal 2018-19, the private insurer’s net profit grew to ₹1,276.19 crore, from ₹1,109 crore in 2018-19. Its net premium income for the fourth quarter grew 15.14 per cent to ₹10,247.50 crore, from ₹8,900 crore a year ago. The insurer also reported an improvement in the 13th month persistency ratio at 87.1 per cent for the January to March 2019 quarter, against 85.5 per cent for the fourth quarter of 2017-18.
“We continue to be the market leader in terms of total new business received premium with a market share of 20.7 per cent in the private sector, compared to 19.1 per cent in the same period last year,” said HDFC Life. It reported a solvency ratio of 188 per cent for the quarter under review, against 192 per cent earlier.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.