HDFC Life Insurance posted a 16 per cent year-on-year growth in net profit for the quarter ended December 31. Net profit was Rs 365.06 crore during the quarter compared with Rs 315.22 crore in the corresponding period of the previous year.
Net premium income of the insurer during the quarter was Rs 15,235.33 crore compared with Rs 14,379.38 crore in the year-ago period, a growth of 6 per cent.
For the April-December period of FY24, total premium income saw an 11 per cent growth at Rs 42,139 crore against Rs 37,907 crore, while profit after tax grew 16 per cent to Rs 1,157 crore from Rs 1,001 crore in the corresponding previous period.
“We continued to be ranked among the top three life insurers across individual and group businesses. The number of policies clocked a healthy growth of 9 per cent, outpacing private and overall industry.
“Growth from tier 2 and 3 markets remain strong, witnessing a 14 per cent year-on-year growth,” said Vibha Padalkar, MD and CEO, HDFC Life.
“We expect to grow by leveraging multiple drivers, including strengthened market position at HDFC Bank, capitalising on ongoing investments such as branch expansion and new tie-ups, continuing to scale up a high quality proprietary business led by agency and favourable macro environment shifts,” she added.
