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HDFC Life Q2 net profit falls 16% to ₹275.91 cr
The net premium income increased to ₹11,445.53 crore, from ₹10,056.71 crore in the year-ago period.
HDFC Life Insurance on Friday reported a nearly 16% decline in consolidated net profit to ₹275.91 crore in the second quarter ended September 30.
The life insurer had posted a net profit of ₹327.83 crore in the year-ago period.
Total income of the insurer during the July-September period, however, rose to ₹20,478.46 crore, against ₹16,426.03 crore a year ago, HDFC Life said in a regulatory filing.
The net premium income increased to ₹11,445.53 crore, from ₹10,056.71 crore in the year-ago period.
"Our business performance remains strong with 22% growth and private market share of 16.2% in terms of individual WRP in H1 FY22," Vibha Padalkar, MD and CEO, HDFC Life Insurance Company, said.
New business margin (NBM) expanded by 130 bps to 26.4 per cent for the first half of this fiscal, higher than 25.1% a year ago, she said.
"Value of new business (VNB) was ₹1,086 crore, recording a robust growth of 30% over last year. Our profit after tax stands at ₹577 crore for H1, 26% lower than H1 FY21, on the back of higher claims reserving warranted by the second wave of the pandemic," she added.
Shares of HDFC Life was trading at ₹684.80 apiece on BSE, down 1.45% from the previous close.
