HDFC Life Q2 results: Profit rises 6% YoY to Rs 326 crore; premium income surges 35%

NEW DELHI: HDFC Life Insurance on Monday posted a 5.63 per cent year-on-year (YoY) rise in net profit at Rs 326.09 crore for the September quarter. The company had reported a profit of Rs 308.69 crore for the same quarter last year.

The net premium income for the company stood at Rs 10,045.44 crore, up 34.77 per cent YoY, for the quarter against Rs 7,453.68 crore for the corresponding quarter.

The company said its market share during the first half of the year expanded by 235 bps from 15.2 per cent to 17.5 per cent, in terms of individual weighted retail premium. Private market share within the group and overall new business segment stood at 27.4 per cent and 23.3 per cent, respectively, it said.

“While we remain sensitive about the health impact and loss of lives due to the pandemic and continue to focus on employee, customer and partner safety norms, opening up of the economy has led to a pickup in activity levels on the ground. This has also resulted in a marginal uplift in household income and spends,” said Vibha Padalkar, MD & CEO, HDFC Life Insurance.

“Insurance as a category has emerged stronger as a vehicle to protect one’s family and realise their long term financial goals. Customers are more active in decision making resulting in traction in the individual business.”

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