HDFC Life Insurance Q2 net profit up 20% YoY at Rs 2.87 billion

HDFC Standard Life Insurance Company (HDFC Life) Tuesday reported 20.3 per cent rise in net profit at Rs 2.8698 billion for the quarter ended September 30, 2018.

The company's net profit in the year-ago period stood at Rs 2.3849 billion.

The gross premium income, inclusive of first year, renewal premium and single premium, rose to Rs 68.405 billion during the reported quarter. It was Rs 56.366 billion in the second quarter of 2017-18, HDFC Life said in a BSE filing.

The net premium income increased to Rs 67.7755 billion as against Rs 53.8943 billion earlier.

On July 20, the Board of Directors approved a proposal to change the corporate name of the company to 'HDFC Life Insurance Company', subject to approval of shareholders and regulators, it said.

Vibha Padalkar was appointed as Managing Director & CEO with effect from September 12, the company said.

She will continue as the Chief Financial Officer for the interim period till further replacement, it added.

On second quarter earnings, Padalkar said: "We continue to grow faster than the industry whilst sustaining our leadership position on profitability. We shall continue to pursue our strategy of harnessing newer pools of profitability as well as deliver the best value proposition to our partners, customers and shareholders."

Stock of HDFC Life closed 2.07 per cent down at Rs 359.15 on BSE.