The solvency ratio stood at 191 percent for Q3 as against the regulatory requirement of 150 percent.
HDFC Life Insurance posted an 18.5 percent year-on-year (YoY) rise in its December quarter (Q3) net profit at Rs 245.63 crore. The life insurer posted a 4.1 percent YoY increase to Rs 1,252.34 crore in its first year premiums in Q3FY19.
Vibha Padalkar, MD & CEO, HDFC Life Insurance said that their commitment towards diversification, both in terms of product mix and distribution, has helped us withstand macro as well as regulatory headwinds.
In the post earnings call, Padalkar said that the aim is to grow faster than the industry. She added that there will be a focus on growing the protection business.
The income from investments decreased to Rs 5,271.84 crore for the April-December 2018 period from Rs 9,531.42 crore in the year-ago period. This, the company said, was primarily due to lower mark-to-market gains in the unit-linked segment compared to the previous period due to market movements.
The 13th month persistency of the insurer stood at 86 percent at the end of Q3 which was the similar to the same period last fiscal.
Protection annualised premium equivalent (APE) increased by 66 percent YoY to Rs 673 crore for nine months of FY19 compared to the year-ago period. Protection business comprised 28.1 percent of total new business premium.
The solvency ratio stood at 191 percent for Q3 as against the regulatory requirement of 150 percent.
During the quarter, the company also invested Rs 116 crore in its Dubai subsidiary HDFC International Life and Re.
The board also approved the appointment of Niraj Ashwin Shah as the chief financial officer of HDFC Life with effect from March 1, 2019.
