HDFC Life on Wednesday posted its maiden profit of Rs. 271 crore in the financial year 2012.
ďThe back book has started generating sufficient profits to offset the new business strain incurred on writing of new policies,Ē said HDFC Life managing director and CEO Amitabh Chaudhry. He added the companyís consistent focus on cost monitoring and focused efforts on conservation ratio has helped reduced the operating expense ratio over the last three years.
The company is expecting a double-digit growth in this fiscal and would invest R100 crore on technology over the next five years.
The company saw a growth of 13 % in total premium collection at R10,202 crore during 2011-12, while the Assets Under Management (AUM) grew 21.7% y-o-y to R32,254 crore. The product portfolio of the insurer comprised of ULIPs and conventional policies, which contributed 56% 44% respectively to the total individual business product pie, said the company.