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HDFC Life Q2 earnings: Net profit jumps 15% to Rs 376 cr

New Delhi [India], October 13 (ANI): Non-public sector insurance coverage main HDFC Life Insurance coverage has reported a 15.3 per cent yearly rise in its standalone web revenue in the course of the July-September 2023-24 quarter at Rs 376 crore.

In the identical quarter final fiscal, the online revenue after taxes was at Rs 326 crore.

Additional, the online premium earnings of the insurance coverage agency registered a 13 per cent enhance at Rs 14,755 crore. The identical quarter final yr, it was at Rs 13,110 crore.

Coming to the Belongings Beneath Administration, it grew 18 per cent to Rs 264,870 crore. The full worth of shareholders’ and policyholders’ investments managed by the insurance coverage firm known as AUM.

The Board of Administrators of HDFC Life, established in 2000, authorized and adopted at the moment the audited standalone and reviewed consolidated monetary outcomes for the half yr ended September 30.

“Regardless of the current finances adjustments that had been perceived to be unfavourable for the sector, the life insurance coverage {industry} has demonstrated outstanding resilience,” stated Vibha Padalkar, MD and CEO, after the earnings information had been launched.

“We continued to develop quicker than the general {industry} and be ranked amongst the highest 3 life insurers throughout particular person and group companies,” Padalkar stated.

The corporate noticed an uptick of 10 per cent within the variety of particular person insurance policies offered, beating {industry} progress, the CEO additional famous, including the wholesome quantity progress was consistent with its “said goal of broadening our buyer base”.

It has insured greater than three crore lives throughout its particular person and group companies, representing a 16 per cent year-on-year progress.

Other than the earnings figures, the corporate stated it launched two new merchandise within the safety class — HDFC Life Sanchay Legacy and Click on 2 Defend Elite. HDFC Life Sanchay Legacy is an industry-first complete life, return of premium safety plan with growing life cowl and is designed to cater to a middle-aged and past buyer section. The opposite time period product, C2P Elite, caters to a extra prosperous buyer class.

The corporate’s shares settled 0.15 per cent decrease at Rs 623.70 on Friday. Because the begin of 2023, it rose 9.4 per cent on a cumulative foundation.(ANI)

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