HDFC Life reports net profit of Rs. 4.51 billion in FY13

India Infoline News Service | Mumbai |

Assets under management zoomed 24% to Rs. 401.08 against Rs. 322.54 billion in the previous year, HDFC Life said

Private insurer HDFC Life on Tuesday said it has registered net profit of Rs. 4.51 billion in 2012-13. The company recorded 16% positive growth in new business premium income (individual business).

The new business premium income increased to Rs. 31.13 billion from Rs. 26.95 billion in 2011-12.

Assets under management zoomed 24% to Rs. 401.08 against Rs. 322.54 billion in the previous year, HDFC Life said in a press release.

Renewal premium income (individual business) increased 9% to Rs. 68.86 billion from Rs. 63.45 billion in 2011-12, while total premium income rose 11% to Rs. 113.23 billion from Rs. 102.02 billion, the press release added.

Amitabh Chaudhry, MD& CEO, HDFC Life, said, “The financial year 2012-13 was one more year of the company consistently outperforming the industry growth rates in new business premium, reducing its operating expenses ratio, growing both individual & group premium, increasing renewals and improving new business margins.”

Vibha Padalkar, ED & CFO, HDFC Life said, “Despite a tough macro-economic and regulatory environment, we have continued to both grow our operations and have invested for a sustainable future without a corresponding increase in operating expenses. The organization is also prepared for a smooth transition to the new product regime in 2013-14.”

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.