HDFC Life Insurance on Friday, January 12, reported 16% rise in net profit for the third quarter of the financial year 2024. The company's net profit for the quarter stood at ₹367 crore, up from ₹316 crore in the same period last year, the insurer said in an exchange filing.
HDFC Life also reported 6% growth in net premium income for December quarter. It surged to ₹15,273 crore, compared to ₹14,402 crore in the corresponding quarter of the previous financial year.
The first-year premium, however, experienced a marginal decline of 2% in the October-December period, totaling ₹2,680 crore compared to ₹2,725 crore in the corresponding quarter of the previous year.
On the flip side, income from investments demonstrated growth of 131% year-on-year (YoY), soaring to ₹11,372 crore in the December quarter, compared to ₹4,930 crore a year ago.
The Annualised Premium Equivalent (APE) stood at ₹3,191 crore versus CNBC-TV18 poll of ₹3,152 crore. The Value Of New Business (VNB) stood at ₹856 crore versus CNBC-TV18 poll of ₹851 crore.
In the same quarter of last year, the APE was recorded at ₹3,260 crore, while VNB was at ₹875 crore.
At the time of writing this report, the shares of HDFC Life Insurance was trading 0.80% lower ₹638.50 apiece on the Bombay Stock Exchange (BSE).
