“We are committed to adapting to the evolving market landscape with agility and resilience. This includes continued investment in distribution, tech and customer-centric product innovations to deliver long-term value for our stakeholders,” said Vibha Padilkar, MD & CEO, HDFC Life adding that the company has repriced and reworked at many product features that have given them higher margins of about 100 basis points
New Delhi: Shares of HDFC Life, the third largest life insurer in the country, on Thursday, jumped nearly 12 per cent after the firm reported a 14 per cent rise in net profit to Rs 415 crore in the December quarter.
The stock surged 11.15 per cent to Rs 660.55 on the BSE.
At the NSE, it soared 11.67 per cent to Rs 663.60.
The private sector insurer’s profit stood at Rs 365 crore in the year-ago period, HDFC Life said in a regulatory filing on Wednesday.
However, total income including total premium( Rs 14,309 crore in Q3FY 25 against Rs 15,526 crore in Q3FY24) declined to Rs 16,914 crore in the latest quarter from Rs 26,694 crore in the year-ago period.
The company’s new business premiums grew by 10.8 per cent Y-o-Y to Rs 7,899 crore in Q3, compared to Rs 7,130 crore in the year-ago period. The net commission of the life insurer soared by over 50 per cent Y-o-Y to Rs 1,932.48 crore in the Q3FY 25, while income from investments plunged 98 per cent to Rs 192.09 crore during the quarter.
Its annualised premium equivalent (APE) was up 11.8 per cent Y-o-Y to Rs 3,569 crore.
“We are committed to adapting to the evolving market landscape with agility and resilience. This includes continued investment in distribution, tech and customer-centric product innovations to deliver long-term value for our stakeholders,” said Vibha Padilkar, MD & CEO, HDFC Life adding that the company has repriced and also looked at many product features that have given them higher margins of about 100 basis points.
The company’s solvency ratio also declined to 188 per cent from 190 per cent as on December 31, 2023 as against the regulatory requirement of 150 per cent.
For the nine-month period ended December, the life insurer posted a profit of Rs 1,326 crore as against Rs 1,157 crore in the corresponding period a year ago.
HDFC Life on Wednesday reported a 14 per cent rise in net profit to Rs 415 crore in the December quarter.
The company’s solvency ratio also declined to 188 per cent from 190 per cent as on December 31, 2023 as against the regulatory requirement of 150 per cent.
For the nine-month period ended December, the life insurer posted a profit of Rs 1,326 crore as against Rs 1,157 crore in the corresponding period a year ago.