Private sector HDFC Life on Friday reported 5 per cent rise in net income at Rs 364.01 crore in the March quarter over the same period a year ago. For the full year, it booked a net income of Rs 1,277 crore, a growth of 15 per cent in FY18 at Rs 1,109 crore.
“We continue to record above industry level growth and maintain our leadership position on profitability,” Managing Director and Chief Executive Vibha Padalkar told reporters in a concall.
Its markets share in new business premium among private life insurers stood at 20.7 per cent in FY19, as against 19.1 per cent in FY18. During the year, new business premium (individual and group) rose 32 per cent to Rs 14,971 crore from Rs 11,350 crore, while renewal premium (individual and group) grew 15 per cent to Rs 14,215 crore from Rs 12,215 crore.
Value of new business rose 20 per cent to Rs 1,537 crore, against Rs 1,282 crore in the corresponding period of the previous fiscal. Value of new business is used to measure the profitability of the new business written in a period. It is the current value of all future profits to shareholders measured at the time of writing of the new business contract.
Its solvency ratio improved to 188 per cent from 192 per cent in FY18 and the embedded value jumped 20 per cent to Rs 18,301 crore from Rs 15,216 crore. Its asset under management grew 18 per cent to Rs 1.25 lakh crore from Rs 1.06 lakh crore in FY18.