HDFC Standard Life Insurance Company Ltd today reported 7.9 per cent increase in net profit at Rs 246 crore in the first quarter ended June 30, 2016.
Company's total premium collection was up by 15 per cent at Rs 3,217 crore during April-June period of 2016-17, it said in a regulatory filing.
HDFC Life is a non-listed subsidiary of the mortgage lender HDFC Ltd.
The asset under management (AUM) grew by 15.1 per cent to Rs 78,326 crore as on June 30, 2016.
Total premium registered a healthy growth of 15 per cent on the back of strong growth in new business premium of 29 per cent and renewal business growth of 6.1 per cent, it said.
"We continue to innovate across the value chain by leveraging technology solutions with focus to build an exclusive suite of offerings for growing base of digitally savvy customers. Our endeavor is to provide customised protection and health solutions to our customers", said Amitabh Chaudhry, MD & CEO, HDFC Life.
Earlier in April, HDFC Life initiated process for an initial public offering in which the promoter HDFC seeks to dilute 10 per cent of its stake in it.
The proposed IPO is subject to regulatory and other approvals.
Besides, on June 17, HDFC Life, Max Life Insurance Company (Max Life) and Max Financial Services approved to enter into an agreement to evaluate merger of the latter two entities into HDF Life bay way of a transaction.
"The agreement provides for a mutually agreed exclusively period of due diligence and discussions between the parties in relation to a proposed transaction. If the transaction concludes, the company need not undertake the IPO", said the filing.
HDFC Life is a joint venture between HDFC Ltd and Standard Life, a global investment company.
The shares of HDFC Ltd closed 0.51 per cent lower at Rs 1338.40 on BSE.
