HDFC Life Insurance profit up 2 per cent led by new premiums

NEW DELHI: Private sector HDFC Life Insurance reported a two per cent increase in standalone net profit in the quarter ended March 31, 2021, at Rs 317.94 crore led by a 45 per cent growth in new premiums collected. Its net profit was Rs 311.71 crore in the same period in 2019-20. For 2020-21, its net profit rose five per cent to Rs 1,360.1 crore against Rs 1,295.27 crore in 2019-20.

The insurer’s net premium income grew by a robust 23 per cent to Rs 12,868.01 crore for the fourth quarter of 2020-21 versus Rs 10,464 crore a year ago.MD and CEO Vibha Padalkar said that Covid-19 survivors are now coming for life insurance. “HDFC Life sold about 9.8 lakh new individual policies, registering a year-on-year growth of 10 per cent. The value of new business increased by 14 per cent to Rs 2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to new business margin of 26.1 per cent,” it said in a statement.