HDFC Life Insurance Enjoys A Profitable Q3 With 15 Percent Increase In Profits
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HDFC Life Insurance Enjoys A Profitable Q3 With 15 Percent Increase In Profits

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HDFC Life Insurance Enjoys A Profitable Q3 With 15 Percent Increase In Profits

CEOInsights Team, 0

HDFC Life Insurance Co reported a 15 percent increase in third-quarter profit, owing to higher income from premiums and investments, and stated that it expects to sell more policies in the coming quarters. "Insurance as a sector continues to be a beneficiary of a relatively robust economy, stable savings trends and favourable regulatory regime", Vibha Padalkar, managing director and chief executive, said in a statement. Although year over year growth in retail protection was slow, it increased 13 percent sequentially, according to Padalkar. " we expect individual protection to continue picking up in the coming quarters".

Insurance As A Sector Continues To Be A Beneficiary Of A Relatively Robust Economy, Stable Savings Trends And Favourable Regulatory Regime


Profit for the third quarter ended Dec 31st increased to Rs.3.15 billion rupees ($38.8 million) from Rs.2.74 billion rupees a year ago, according to the Mumbai based insurer. Its net premium income increased 18.6 percent to Rs.143.79 billion rupees, while investment income more than doubled to Rs.49.28 billion rupees. For the nine-month period, HDFC Life's total annualised premium equivalent increased by 21.9 percent to Rs.81.74 billion rupees. During the same time period, HDFC Life's new business margins grew by 26.5 percent, a measure of the expected profitability of new business. This includes the impact of the company's merger with Exide Life Insurance, which was completed in the third quarter.