HDFC Life net profit jumps 14% to Rs 546 crore on investment gains
Gross premium income for the quarter stood at Rs 1,487 crore of which first-year premia came in at Rs 760 crore, and Rs 472 crore from renewals of single premia, taking the total gross premium to over Rs 2,680 crore. Net premium income rose to Rs 1,446 crore.
However, individual APE grew 12.5 and the retail APE came in at Rs 2,777 crore while the key business metric value of new business (VNB) stood at Rs 809 crore, up 12.7% and new business margin improved to 25.1%.
Vibha Padalkar, the managing director, said Q1 began on a strong note, with healthy growth across topline, value of new business and steady margins. Individual APE grew by 12.5% on-year, translating into a robust two-year annualised growth of 21%.
She said the company outperformed both the overall industry and the private sector, resulting in a 70 bps increase in market share at the overall level to 12.1%, a new milestone for it.
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