HDFC Standard Life on Friday reported a 14.77 % growth in Profit After Tax at Rs 207.32 crore against Rs 180.63 crore during the same period in the previous year. This is the company’s first result announcement after it got listed in November last year. “We had a robust quarter and continued to deliver consistent performance across all metrics. Our balanced product mix, diversified distribution network, and customer-centric approach have helped deliver profitable growth, and shareholder value,” HDFC Life managing director and CEO Amitabh Chaudhry said. Chaudhary added that the company would continue to invest in leveraging technology. HDFC Standard’s net premium for the quarter grew to Rs 5,419.99 crore during the quarter compared to Rs 4,534.79 crore in the same period of last financial year. The renewal premium also went up to Rs 2,805.24 crore from Rs 2,572.85 crore. PAT for the nine months witnessed stable growth of 18% at Rs 760 crore. HDFC Life’s assets under management for nine months ended December grew by 27% to Rs 1,04,430 crore, with underlying debt: equity mix of 57:43. The solvency ratio was at 191% against the regulatory requirement of 150%.
Meanwhile, ICICI Prudential Life Insurance’s PAT during the quarter ended December 31, at Rs 452.10 crore against Rs 450 crore in the last year. The value of new business (VNB) increased by 82.2% to Rs 767 crore in nine months of FY18 from Rs 421 during the same period of FY17. ICICI Prudential Life got listed in September 2016. The stock has risen by 28% since listing.