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Business News/ Companies / Company Results/  HDFC Life Q2 profit rises 6% to 328 crore
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HDFC Life Q2 profit rises 6% to ₹328 crore

HDFC Life also announced the grant of 2,08,500 options to eligible employees under the employee stock option scheme.

Total income of HDFC Life jumped nearly 90% to ₹16,426.03 crorePremium
Total income of HDFC Life jumped nearly 90% to 16,426.03 crore

HDFC Life Insurance Company today reported 6% increase in consolidated net profit for September quarter 2020-21. The life insurer's net profit rose to 327.83 crore in the September quarter, as compared to 308.98 crore in the year-ago quarter.

Total income jumped nearly 90% to 16,426.03 crore as against 8,661.33 crore in the second quarter of 2019-20. Net premium income during the quarter grew 35% to 10,056.71 crore. Income from investment jumped multi-fold to 6,318.81 crore from 1,135.12 crore.

The company's asset under management as on September 30, 2020 stood at 1.5 lakh crore.

New business margins (NBM) in this quarter have seen an improvement on sequential as well as year-on-year basis on the back of return to growth, favourable product mix and costs being kept under control, HDFC Life said The NBM for H1FY21 stands at 25.1%, it said.

Commenting on the current situation, Vibha Padalkar, MD & CEO said “While we remain sensitive about the health impact and loss of lives due to the pandemic and continue to focus on employee, customer and partner safety norms, opening up of the economy has led to a pickup in activity levels on the ground."

"This has also resulted in a marginal uplift in household income and spends. Insurance as a category has emerged stronger as a vehicle to protect one’s family and realise their long term financial goals. Customers are more active in decision making resulting in traction in the individual business," she added.

Commenting on the H1FY21 performance, Padalkar said: “Our market share in terms of Individual WRP has increased by 235 basis points from 15.2% to 17.5%. Our focus remains on our long term strategy of building a sustainable and profitable business and adding value to all key stakeholders."

HDFC Life also announced the grant of 2,08,500 options to eligible employees under the employee stock option scheme. Each Option upon exercise would be entitled for allotment of one equity share of 10 each of the company.

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Published: 19 Oct 2020, 05:41 PM IST
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