India's HDFC Life posts quarterly profit rise on higher premium collection
- The insurer’s net profit rose to 6.11 billion Indian rupees ($63.47 million) for the three months ended June 30
India’s HDFC Life Insurance reported a 12% rise in first-quarter profit on Wednesday, helped by growth in its premium collections, particularly from policy renewals.
The insurer’s net profit rose to 6.11 billion rupees ($63.47 million) for the three months ended June 30, from 5.46 billion rupees a year earlier.
Analysts had expected HDFC Life’s new business growth to lag peers as sales through its key HDFC Bank distribution channel remained subdued, though strong renewal premiums supported profit growth.
Net premium income increased around 14% to 165.48 billion rupees. First-year premiums from new policies rose nearly 6%, while renewal premiums increased nearly 19%.
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Earlier in the day, ICICI Prudential Life Insurance posted a 27.8% rise in first-quarter profit.
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