MUMBAI: HDFC Life today reported a 14.77 per cent growth in profit after tax (PAT) at Rs 207.32 crore for the quarter ending December 31, compared to the same period last year.
The private insurer’s PAT stood at Rs 180.63 crore in the same quarter last year, it said in its BSE filing.
This is the company’s first result after listing in the capital markets in November last year.
“We had a robust quarter and continued to deliver a consistent performance across all metrics. Our balanced product mix, diversified distribution network and customer-centric approach has helped deliver profitable growth and shareholder value,” HDFC Life managing director and CEO Amitabh Chaudhry said.
In line with the company’s strategy, it will continue to invest in leveraging technology and re-imagine the life insurance business, he added.
The insurer’s net premium for the quarter grew to Rs 5,419.99 crore during the quarter compared to Rs 4,534.79 crore in the same period of last financial year.
The renewal premium also went up to Rs 2,805.24 crore from Rs 2,572.85 crore.
Meanwhile, PAT for the nine months witnessed stable growth of 18 per cent at Rs 760 crore.
The company posted growth of 20 per cent to Rs 14,610 crore, aided by strong new business growth of 33 per cent and healthy renewal business growth of nine per cent.
HDFC Life’s assets under management grew by 27 per cent to Rs 1,04,430 crore, with underlying debt:equity mix of 57:43. The solvency ratio was at 191 per cent against the regulatory requirement of 150 per cent.