HDFC Life Insurance Company on Tuesday said its net profit rose by 12.44 per cent to Rs 357.52 crore in the January-March quarter of 2021-22 as compared with Rs 317.94 crore recorded in the corresponding period of the previous year.
For the full year 2021-22, HDFC Life profit after tax declined by 11 per cent year-on-year to Rs 1,208 crore.
The company said its profit declined in 2021-22 due to a higher mortality reserve created during the year
The Board of Directors of HDFC Life at its meeting held on Tuesday approved and adopted the audited standalone and reviewed consolidated financial results for the year ended March 31, 2022.
"We clocked a growth of 16 per cent in individual WRP in FY22 with a market share of 14.8 per cent and 9.3 per cent in the private and overall sector respectively," Vibha Padalkar, MD and CEO, HDFC Life, said in a statement.
"We continue to deliver consistent all-round performance and be ranked amongst the top three life insurers in the industry. Despite very trying times during the 2 year pandemic, our 2 year CAGR of 17 per cent was almost 2 times industry growth of 9 per cent," she said.
Overall protection grew by 24 per cent in terms of annual premium equivalent (APE) and 47 per cent in terms of new business premium. This was largely led by a 55 per cent growth in credit life new business premium, on the back of higher disbursements.
On the retirement side, HDFC Life annuity business recorded 24 per cent growth vis-a-vis industry growth of 3 per cent. Annuities now contribute over a fifth of the company's new business premiums, Padalkar said.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor