HDFC Life gains after strong Q1 numbers

HDFC Life Insurance Company rose 2.42% to Rs 502.35 at 14:39 IST on the BSE after net profit rose 12% to Rs 425 crore on 29% rise in total premium to Rs 6536 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during market hours today, 23 July 2019.

Meanwhile, the S&P BSE Sensex was up by 96.66 points or 0.25% to 37,934.75.

On the BSE, 4.88 lakh shares were traded in the counter so far compared with average daily volumes of 1.58 lakh shares in the past two weeks. The stock had hit a high of Rs 507.25 and a low of Rs 482.3. The stock hit a 52-week high of Rs 510.75 on 27 July 2018 and a 52-week low of Rs 345on 28 January 2019.

Commenting on the quarter's solid performance, Vibha Padalkar, MD & CEO said "We have recorded stellar topline growth, with strong traction witnessed across savings, protection and retirement solutions whilst maintaining our focus on profitability. Our diversified distribution mix coupled with product innovation has helped us address niche customer segments and emerging profit pools. We have witnessed strong growth in key indicators of economic value generated by our business viz. new business margins at 29.8% and operating return on embedded value at 19.9%. We have stepped up our efforts within the protection and retirement space, which we expect would fuel our growth across market cycles. Our digital capabilities put us in a good position to maximize the tremendous potential of the life insurance industry."

HDFC Life Insurance Company is a joint venture between HDFC and Standard Life Aberdeen, a global investment company. HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions.

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