HDFC Life Insurance registered 18.47 per cent growth at ₹245.63 crore for the quarter that ended on December 31, 2018, against a net profit of ₹207.32 crore in the third quarter of 2017.
Total number of lives insured grew to 71 per cent to ₹3.48 crore during the nine-month period of 2018-19. Overall new business sum assured also saw an increase of 27 percent to ₹ 4,06,943 crore during the same period.
Vibha Padalkar, MD and CEO of HDFC Life said, “Our commitment towards diversification, both in terms of product mix and distribution, has helped us withstand macro as well as regulatory headwinds. We will continue to focus on profitable growth and providing the best value proposition to our partners, customers and shareholders”.
Consistently HDFC Life ranked amongst the top three private players in individual and group segments with market share of 12.6 percent based on Individual WRP and 28.2 percent based on Group business (on received premium) during 9M FY19.
Total number of lives insured grew by 71 percent to 3.48 Crore during 9M FY19. Overall new business sum assured also saw an increase of 27 percent to ₹4,06,943 Crore during the same period.
Protection APE has increased from ₹407 Crore for 9M FY18 to ₹673 Crore for 9M FY19, recording a robust increase of 66 percent. Protection business comprises a healthy 28.1 percent of total new business premium.
Padalkar said, “We will focus on the three tenets of protection viz. mortality, morbidity and longevity, coupled with our aspiration of being the leading digital life insurer in India, will enable us to make the most of the long term growth potential of the life insurance industry”.
The insurer also announced the appointment of Niraj Ashwin Shah as the chief financial officer of HDFC Life with effect from March 1, 2019.
The company has a diversified distribution mix, backed by strong presence across the country through 413 HDFC Life offices, along with wide access to the branches of our 209 bancassurance and 37 non-traditional ecosystem partnerships as on December 31, 2018. Cross-selling to group customers formed 8.4 percent of the individual new business policies sold during 9M FY19.