HDFC Life Q2 net up 7.5% at Rs 309 crore

Private insurer HDFC Life Insurance Company posted a 7.5% rise in standalone net profit to Rs 308.69 crore for the second quarter of the current fiscal. Its net profit stood at Rs 286.98 crore a year ago. For H1FY20, the company saw a profit after tax (PAT) of 733 crore, a nearly 10% increase over Rs 667 crore in H1FY19.

Total premium stood at Rs 14,091 crore against Rs 11,898 crore last year, a growth of 18%. Assets under management (AUM) stood at Rs 1.31 lakh crore in H1FY20, a growth of 16%.

Vibha Padalkar, MD & CEO, said, “We have delivered a strong performance across all key metrics and have continued to sustain our profitability. Despite a challenging macro-environment, we have grown by 35% on individual WRP, compared to the industry growth of 11%. This has enabled us to increase our market share by 220 basis points to 15.2%. Our diversified distribution mix is underpinned by the strong growth of our proprietary channels, coupled with steady performance across our corporate partners.”

The HDFC Life stock ended the day at Rs 608.15 down by 0.56% on BSE on Wednesday. Total annualised premium equivalent (APE) for the company was Rs 3,473 crore in the first six months of this fiscal, a growth of 38% compared to the last fiscal. The protection APE was Rs 580 crore in H1.

“We remain committed to tap the immense protection and retirals opportunity in India. We expect our continued product innovation and advancements in the use of technology to sustain our performance across business cycles,”added Padalkar.

Total number of lives covered rose to 2.9 crore in H1FY20, growing by 33%. Overall new business sum assured also saw an increase of 68% to Rs 4.4 lakh crore during the same period.