DHFL Pramerica Life Insurance (DPLI) has reported a rise of 20 per cent in its net profit at Rs 31.7 crore in the last quarter ended March of 2017-18.
The company had registered a net profit of Rs 26.40 crore in the similar quarter of 2016-17.
The gross written premium during the period was at Rs 584.20 crore, up from Rs 392.60 crore in the same period of the preceding fiscal, DPLI said in a statement.
For 2017-18 fiscal, the net income rose to Rs 105.90 crore from Rs 61.40 crore in 2016-17.
The gross written premium (GWP) during the year grew to Rs 1,844.50 crore from Rs 1,142.10 crore in the preceding fiscal.
The growth has been stellar during the year with a rise of 73 per cent in profit after tax and 67 per cent growth in new business premium which has made the company the fastest growing life insurance company in 2017-18, said Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance.
"An unrelenting focus on differentiation, customer centricity and providing customised product and service solutions has been the core driver of growth. A 67 per cent growth rate in New Business Premium (NBP) of DPLI as against the industry growth of 18 per cent is a clear demonstration of our agility in leveraging the right set of opportunities in the market place," he said.
DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd (DHFL) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI) of the US.
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