HDFC Life Insurance Company fell 1.49% to Rs 602.45 after consolidated net profit rose 7.27% to Rs 308.98 crore on 9.99% increase in net premium income to Rs 7456.87 crore in Q2 September 2019 over Q2 September 2018.
The result was announced during market hours today, 23 October 2019.
The total Annual Premium Equivalent (APE) grew 38% to Rs 3,473 crore in the first half of the fiscal year ending March 2020 (H1FY2020) as against Rs 2,514 crore in the first half of the fiscal year ended March 2019 (H1FY2019).
The New Business Premium (Individual+Group) jumped 26% to Rs 7,914 crore in H1FY2020 over Rs 6,287 crore in H1FY2019. The Renewal Premium (Individual + Group) soared 10% to Rs 6,177 crore in H1FY2020 compared with Rs 5,611 crore in H1FY2019. The total premium improved 18% to Rs 14,091 crore in H1FY2020 from Rs 11,898 crore in H1FY2019.
The Asset under Management (AUM) rose 16% to Rs 131,012 crore in H1FY2020 as against Rs 113,233 crore in H1FY2019. The Indian Embedded Value (EV) surged 23% to Rs 20,124 crore in H1FY2020 over Rs 16,378 crore in H1FY2019. Value of new business rose 57% to Rs 957 crore in H1FY2020 over Rs 610 crore in H1FY2019.
Commenting on the results, Vibha Padalkar, the managing director and CEO of HDFC Life Insurance Company, has said that, "We have delivered strong performance across all key metrics and have continued to sustain our profitability. Despite a challenging macro-environment, we have grown by 35% on Individual WRP, compared to industry growth of 11%. This has enabled us to increase our market share by 220 basis points to 15.2%. Our diversified distribution mix is underpinned by the strong growth of our proprietary channels, coupled with steady performance across our corporate partners. We remain committed to tap the immense protection and retirals opportunity in India. We expect our continued product innovation and advancements in the use of technology to sustain our performance across business cycles. These factors put us in a good position to harness the long term growth potential of the life insurance industry and provide the best value proposition to our customers, partners and shareholders."
Meanwhile, the S&P BSE Sensex was flat at 38,964.12.
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On the BSE, 3.48 lakh shares were traded in the counter so far compared with average daily volumes of 1.58 lakh shares in the past two weeks. The stock hit an intraday high of Rs 625.50, which is also an all-time record high for the counter. The stock hit an intraday low of Rs 601.10 so far during the day. The stock hit a 52-week low of Rs 345 on 28 January 2019.
HDFC Life Insurance Company provides various individual and group insurance solutions across India.
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