The net profit of HDFC Life at Rs 913 crore, up 20 per cent, in the nine months ended in Dec 2018. The net profit was Rs 762 crore in the corresponding period of 2017-18.
Total Premium of the life insurer had gone up 29 per cent from Rs 14,608 to Rs 18,860 crore during the first nine months of the current fiscal.
The new business premium(Individual and group) has increased by 41 per cent from Rs 9,940 crore from Rs7,065 crore while the renewals have grown by 18 per cent to Rs 8,920 crore from Rs 7,543 crore during the period.
Vibha Padalkar, MD & CEO said “We continue to grow faster than the industry and sustain our leadership position on profitability. Our commitment towards diversification, both in terms of product mix and distribution, has helped us withstand macro as well as regulatory headwinds. We believe that our focus on the three tenets of protection viz. mortality, morbidity and longevity, coupled with our aspiration of being the leading digital life insurer in India, will enable us to make the most of the long term growth potential of the life insurance industry. We will continue to focus on profitable growth and providing the best value proposition to our partners, customers and shareholders.”
Total asset under management of the company had touched Rs 1, 17,701 crore, up 13 per cent, from Rs 1,04. 428 crore during Apr-Dec period.