HDFC Life Insurance Company Ltd on Friday reported a 5 per cent rise in its consolidated net profit for October-December quarter of the ongoing financial year at Rs 263.44 crore. The company had posted a net profit of Rs 251.09 crore in the corresponding quarter of previous year.
The life insurance company's net premium income grew 21 per cent to Rs 9,488.84 crore during the quarter under review, while its income from investments rose to Rs 11,594.24 crore from Rs 3,732.55 crore in December quarter a year ago.
"We are witnessing a lift in customer confidence, which is also reflected in the new business premium trends for both the individual as well as the group credit protect business. We continue to see a pickup in the savings business, accompanied by an increase in both the average ticket size as well as number of policies," HDFC Life MD and CEO Vibha Padalkar said.
During April-December period, the company's market share in terms of individual weighted received premium expanded 214 basis points to 16.4 per cent, Padlakar added.
The company said its new business margins stood at 25.6 per cent during the nine-months ended December 2020 as against 26.6 per cent a year ago.
"Given that the vaccination drive has been initiated and the economic momentum on the ground seems sustained, we will strive for continued new business growth and an upward trajectory on new business margins whilst adhering to a conservative risk management approach," Padalkar said.
HDFC Life's asset under management rose 21 per cent to Rs 1.65 lakh crore during April-December from Rs 1.36 lakh crore a year ago.
Shares of HDFC Life on Friday settled 1.86 per cent lower at Rs 687.65 on the BSE.