New Delhi: HDFC Life on Wednesday reported an 8% rise in net profit at Rs274 crore for the fourth quarter ended 31 March, 2017.
HDFC Standard Life Insurance Company (HDFC Life) is a non-listed joint venture subsidiary of Housing Development Finance Corporation (HDFC) Ltd in association with Britains Standard Life.
The company “registered strong growth in individual WRP of 26% in Q4 FY17 after witnessing slowdown in two previous quarter,” HDFC Ltd said in a BSE filing.
During January-March, its total premium grew by 18%, it said. For the financial year ended 31 March, HDFC Life’s profit after tax (PAT) saw a rise of 9% at Rs892 crore.
The new business premium was at Rs8,696 crore, up 34%, from Rs6,487 crore in the year-ago period.
The renewal premiums were at Rs10,749 crore in 2016-17, up 9%, from Rs9,826 crore in 2015-16. While, the total premium during the fiscal 2016-17 rose 19% to Rs19,445 crore as against Rs163,13 crore in the preceding fiscal, the company said.
The assets under management (AUM) stood at Rs91,742 crore at the end of financial year 2016-17, up 24%, from Rs74,247 crore in the same period a year ago.