HDFC Life Insurance Company Ltd reported a 15 percent increase in its net profit to Rs 315.22 crore for the December quarter of FY23 on the back of strong new business growth.
First-year premium or new business premium grew by a strong 29 percent to Rs 2724.87 crore for the quarter from Rs 2115.97 crore a year ago. Its retail business grew by 17 percent for the quarter, faster than the broad industry growth.
For the nine-month period ended December, private sector life insurer reported a value of new business of Rs 2163 crore, more than double that of Rs 923 for the corresponding period a year ago.
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