NEW DELHI: HDFC Life Insurance on Tuesday posted 6 per cent year-on-year (YoY) progress in net profit at Rs 451 crore for the quarter finished June 30. It had documented a net profit of Rs 425 crore in the corresponding quarter previous 12 months.
Web premium earnings dropped 11 for every cent YoY to Rs 5,734 crore in Q1FY21 around Rs 6,457 crore in Q1FY20. Profits from investments jumped about four-fold to Rs 8,749 crore in the course of the quarter less than evaluation.
“Our market share in conditions of particular person weighted been given premium (WRP) has improved by 100 basis points from 17.5 for each cent to 18.5 for every cent. Our calibrated technique of preserving a well balanced product mix has again enabled us to manoeuvre through a turbulent setting and adapt speedier than the over-all market,” mentioned Vibha Padalkar, MD & CEO of HDFC Lifetime.
She added that the company continues to be perfectly-positioned to give a sustainable value proposition to our clients, associates and shareholders in these hard periods.
The firm reported, as on June 30, the asset beneath management (AUM) was Rs 1.4 lakh crore with debt:equity blend of 68:32. The business stated about 97 for every cent of its credit card debt investments have been in G-Secs and AAA-bonds.
Commenting on Covid-19 affect on the business enterprise, the administration feels that as the problem starts to normalise, life insurance will emerge as an vital avenue for the two defense as very well as extended-term price savings, and as a result enable entice a increased quantum of inflows from Indian households. The firm believes that it is well-positioned to serve the anticipated demand uptick
Additional than 75 for each cent of its branches are operational throughout the region, the corporation reported.