HDFC Life reports 24% growth for FY18, 40% jump in Q4 net at Rs 3.47 bn

HDFC Standard Life Insurance has reported 40.4 per cent jump in standalone net profit at Rs 346.84 crore for the March quarter of 2017-18.

It had registered a net profit of Rs 2.47 billion in the corresponding quarter of 2016-17.

The strong growth in total premium during the fiscal was aided by healthy new business growth of 32 per cent and stable growth of 13 per cent in renewal business, HDFC Standard said in a regulatory filing.

Net premium collection during the fourth quarter of last fiscal grew to Rs 89 billion as against Rs 71.78 billion in the year-ago period.

Its total income was down at Rs 81.34 billion, during the March quarter of 2017-18, from Rs 120.86 billion in same quarter of preceding fiscal.

The company made a loss of Rs 9.36 billion from investment income during the quarter under review, as against a gain of Rs 48.66 billion in same period of previous fiscal.

However, it received Rs 1.54 billion as transfer of funds from shareholders account in March quarter, up from Rs 0.18 billion in the year-ago period.

For the entire fiscal 2017-18, the standalone net profit increased to Rs 11.09 million, from Rs 8.92 billion year ago.

On consolidated basis, the net profit grew 40 per cent to Rs 3.50 billion in January-March, 2017-18.

The consolidated net profit for the full year were up 24 per cent at Rs 11.10 billion, as against 8.90 billion in 2016-17.

"The company continues to harness the long term growth potential of the sector, with specific focus on protection...had a robust year with strong growth and it continued to deliver consistent performance across all metrics," said Amitabh Chaudhry, MD & CEO, HDFC Life.

Stock of the company closed 0.13 per cent up at Rs 492.10 on BSE.