Mumbai:
HDFC Standard Life Insurance on April 26 reported a 5 per cent rise in standalone net profit to Rs 364.01 crore for the fourth quarter ended March 31. It had registered a net profit of Rs 346.84 crore in the corresponding quarter of 2017-18.
The company's total income increased to Rs 14,374.56 during the quarter, from Rs 8,134.61 crore a year ago.
"In line with our stated strategy, we continue to focus on profitable growth and providing the best value proposition to our customers, partners and shareholders," HDFC Life Insurance Managing Director and Chief Executive Officer Vibha Padalkar said in a statement.
“We continue to be the market leaders in terms of total new business received premium with a market share of 20.7 per ent in the private sector compared to 19.1% in the same period last year,'' said.Padalkar
Net premium collection grew to Rs 10,247.50 crore, compared with Rs 8,900.02 crore in the year-ago quarter.
For the entire fiscal, the standalone net profit increased 15 per cent to Rs 1,276.79 crore, from Rs 1,109 crore a year ago.
The company's embedded value (EV) increased 20 per cent to Rs 18,301 crore at the end of March 2019, it said.
The EV is similar to the book value of companies in other sectors. It is sum of the company's net worth and the present value of all future profits to shareholders from the existing book of the company, including new business written in the year.
Value of new business (VNB) rose 20 per cent to Rs 1,537 crore, against Rs 1,282 crore in the corresponding period of the previous fiscal.
VNB is used to measure profitability of the new business written in a period. It is the current value of all future profits to shareholders measured at the time of writing of the new business contract.