HDFC Life Insurance reported a six per cent increase in net profit at Rs. 451.09 crore in the first quarter of FY21 when compared to Rs. 424.62 crore a year ago. For the quarter ended June 30, net premium income declined 11.3 per cent to Rs. 5,721.84 crore against Rs. 6,451.16 crore a year ago. Total premium fell by 10 per cent to Rs. 5,863 crore in the April to June 2020 quarter when compared to Rs. 6,536 crore a year ago.
The value of new business declined by 43 per cent to Rs. 291 crore in the quarter under review. It reported a 13th month persistency of 87 per cent and 61st month persistency of 53 per cent as on June 31, from 88 per cent and 54 per cent, respectively, a year ago. The insurer’s solvency ratio stood at 190 per cent at the end of the first quarter this fiscal. Vibha Padalkar, Managing Director and CEO, HDFC Life Insurance, said: “We continue to exhibit resilient performance even in the current scenario. Our market share in terms of individual weighted received premium has increased by 100 basis points from 17.5 per cent to 18.5 per cent.”
