HDFC Life Q3 net up 14% on premium, non-par gains
HDFC Life reported a 14% year-on-year rise in net profit for the third quarter, driven by higher premium income and strong growth in non-par savings products.
During the quarter, net profit rose to ₹414 crore, up from ₹365 crore in the same period a year ago. Net premium income rose 10% to ₹16,771 crore in the quarter, up from ₹15,235 crore.
The insurer saw annualised premium equivalent (APE) growth of 12%, which was similar to the private industry's growth and higher than the overall industry's growth of 5%.
On a nine-month basis, APE growth has been 24% to ₹8,986 crore. Non-par savings products showed growth, contributing majorly to the margins.
«Growth in non-par savings of 21% and non-par protection of 28% coupled with efforts to manage commissions through deferred structures, clawbacks and trail-based payouts, helped reduce impact of regulatory changes,» said Vibha Padalkar, managing director and CEO of HDFC Life.
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