 "HDFC Life reports 2.7% rise in profit before tax at Rs 263.61 crore in Q3")
Private life insurer HDFC Life has reported a 2.77 per cent rise in its profit before tax (PBT) at Rs 263.61 crore in the December quarter, as against Rs 256.48 crore in the same period last fiscal year. Its net profit on a standalone basis rose 1.88 per cent to Rs 250.24 crore in Q3, from Rs 245.63 crore in the year-ago period.
Net premium income saw a 13 per cent rise to Rs 7,854.30 crore in Q3 versus Rs 6,897.68 crore in the year-ago quarter. The first-year premium of the insurer rose 23 per cent to Rs 1,542.96 crore in Q3, as against Rs 1,252.34 crore in the same period last fiscal year.
For the nine months ending December FY20, the new business premium registered a 22 per cent rise to Rs 12,150 crore, as against Rs 9,940 crore in the year-ago period.
The new business margins, a measure of profitability of a life insurance company, stood at 26.6 per cent in the nine months ending December 2019, as against Rs 24 per cent in the same period last fiscal year. The improvement in the margins is because the company has been realigning its portfolio mix and focusing more on traditional products which boosts the firm’s margins.
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