HDFC Life Q2 net profit inches up 3 pc to Rs 447 cr

Mumbai, Oct 15 (PTI) HDFC Life Insurance company on Wednesday reported a 3.27 per cent increase in its September quarter net profit at Rs 447 crore.

The private sector insurer had reported a net profit of Rs 433 crore in the year-ago period and Rs 546 crore in the preceding June quarter.

Its first year premium increased to Rs 3,579 crore from Rs 3,253 crore in the year-ago period, while the single-premium income rose to Rs 5,370 crore from Rs 4,843 crore during the quarter.

Investment income plummeted to Rs 1,410 crore during the quarter as against Rs 11,610 crore.

The company reported a market share gain of 0.90 per cent at the overall level to 11.9 per cent, and 0.30 per cent within the private sector to 16.6 per cent at the end of September.

Solvency ratio was at 175 per cent, reflecting a combination of dividend payout, repayment of Rs 600 crore subordinated debt, writing more protection business and the GST impact, it said in a statement.

"The recent GST revisions are a constructive structural shift aimed at simplifying compliance and improving affordability. We have ensured that the full benefits of the GST exemption are passed on to our customers," its managing director and chief executive Vibha Padalkar said.

The company is also planning to raise up to Rs 750 crore in subordinated debt in one or more tranches in the second half.

The HDFC Life scrip closed 2.34 per cent up at Rs 761.25 apiece on the BSE, as against gains of 0.70 per cent on the benchmark. PTI AA HVA