DHFL Pramerica Life Insurance Q3 profit up 78% at Rs27.3 crore
Mumbai: DHFL Pramerica Life Insurance (DPLI) on Tuesday posted a 78% growth in net profit during the quarter ended 31 December at Rs27.3 crore mainly due to a better distribution strategy.
The private insurer’s profit after tax (PAT) stood at Rs15.4 crore in the corresponding quarter last year, a release issued in Mumbai said. In new business premium, it posted a growth of 61% at Rs359 crore against Rs223 crore in the third quarter of FY17.
Gross written premium (GWP) grew by 56% at Rs457 crore over the same period of last financial year. “We are delighted with our business results this quarter. A growth of 78 per cent in PAT and a 61 per cent jump in the new business premium is a testimony of our sharply segmented distribution strategy amplified with our customer-centric approach to provide relevant protection solutions in the market place,” DPLI managing director and chief executive officer (CEO) Anoop Pabby said.
The company has digitised some of its key business processes to provide an agile and dynamic customer experience as well, he said. “We forged a partnership with Lakshmi Vilas Bank and Dhanlaxmi Bank for distribution of DPLI’s innovative product offerings supported by a seamless customer service experience. DPLI today protects over 20 million lives and has a pan-India footprint of 114 branch offices,” Pabby said.
The company has 32 life insurance products and six riders in its products basket in its portfolio. DPLI is a joint venture between DHFL Investments, a wholly-owned subsidiary of Dewan Housing Finance Corporation (DHFL) and Prudential International Insurance Holdings (PIIH), a wholly-owned subsidiary of financial services leader headquartered in the US, Prudential Financial (PFI).