Insurance company, HDFC Life, saw its profit rise by 18.5% to post a net profit of Rs.245.63 crore for its third quarter ending December according to a report by Moneycontrol.
The company’s net premium income increased by 27.3% in the third quarter of the fiscal year 2019 from Rs.5419.9 crore it posted in the third quarter of the fiscal year 2018 to Rs.6897.7 crore for the third quarter of the fiscal year 2019.
The new business premium which is basically the combination of group business premium and individual business premium rose by 41% from Rs.7,065 crore in the first nine months of the FY18 to Rs.9,940 crore in the first nine months of the FY19.
The lower mark to market gains in the unit-linked segment caused the income from investments to drop from Rs.9,531.42 crore in the FY18 to Rs.5,271.84 crore in the FY19 in the third quarter ending December.
The solvency ratio was 1.91 with the minimum regulatory requirement being 1.5.
HDFC Life also saw its net worth jump by 31% from Rs.4,359 crore to Rs.5,690 crore.
Sources: Moneycontrol, Business Standard, Economic Times