HDFC Life Q1 net rises 8% to Rs246 crore
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New Delhi: HDFC Standard Life Insurance Co. Ltd on Tuesday reported a 7.9% increase in net profit to Rs.246 crore in the first quarter ended 30 June.
The company’s total premium collection was up by 15% to Rs.3,217 crore during the April-June period of fiscal 2017, it said in a regulatory filing.
HDFC Life is a non-listed subsidiary of the mortgage lender HDFC Ltd.
The asset under management (AUM) grew by 15.1% to Rs.78,326 crore as on 30 June. Total premium registered a healthy growth of 15% on the back of strong growth in new business premium of 29% and renewal business growth of 6.1%, it said.
“We continue to innovate across the value chain by leveraging technology solutions with a focus to build an exclusive suite of offerings for growing base of digitally savvy customers. Our endeavor is to provide customised protection and health solutions to our customers,” said Amitabh Chaudhry, managing director and chief executive, HDFC Life.
In April, HDFC Life initiated a process for an initial public offering (IPO) in which the promoter HDFC sought to dilute 10% of its stake in it. The proposed IPO is subject to regulatory and other approvals.
Besides, on 17 June, HDFC Life, Max Life Insurance Co. (Max Life) and Max Financial Services approved to enter into an agreement to evaluate merger of the latter two entities into HDF Life by way of a transaction.
“The agreement provides for a mutually agreed exclusively period of due diligence and discussions between the parties in relation to a proposed transaction. If the transaction concludes, the company need not undertake the IPO,” said the filing.
HDFC Life is a joint venture between HDFC Ltd and Standard Life, a global investment company. The shares of HDFC closed 0.51% lower at Rs.1,338.40 on BSE Ltd.