HDFC Life Q3 net profit rises 3% to Rs 274 cr

HDFC Life on Friday reported a 3 per cent increase in net profit to Rs 273.65 crore for the third quarter ended December.

The private sector insurer's profit stood at Rs 264.99 crore in the same quarter of the previous fiscal, HDFC Life said in a regulatory filing.

However, total income declined to Rs 14,222.22 crore in the latest December quarter from Rs 21,126.80 crore in October-December 2020.

The company's solvency ratio too declined to 190 per cent from 202 per cent as on December 31, 2020. The regulatory requirement is 150 per cent.

"On January 1, 2022, the company has issued 8,70,22,222 equity shares at an agreed issue price of Rs 685 per share on a preferential basis and paid balance Rs 725.98 crore in cash to Exide Industries Limited in lieu of 100 per cent equity shares of Exide Life thereby completing the acquisition of Exide Life," it said.

With effect from January 1, 2022, Exide Life has become a wholly-owned subsidiary of the company.

As regards the second phase of the transaction, that is the amalgamation of Exide Life with the company, the management is in the process of initiating the filing of the scheme of amalgamation with various authorities for necessary approvals, it added.