HDFC Life slips after Standard Life pares stake

HDFC Life Insurance Company declined 0.54% to Rs 644.25 after Standard Life (Mauritius Holdings) 2006 sold 1.37% stake in the company via bulk deal on Thursday.

As per the bulk deal data on the BSE, Standard Life (Mauritius Holdings) 2006 sold 2,77,72,684 equity shares or 1.37% stake of HDFC Life Insurance Company at an average price of Rs 619.15 per share on Thursday (3 December).

As on 30 September 2020, Standard Life (Mauritius Holdings) 2006 held 20,73,11,893 shares, or 10.27% stake in HDFC Life.

HDFC Life Insurance Company is a joint venture between HDFC, an Indian housing finance institution and Standard Life Aberdeen, a global investment company. The company is long-term life insurance solutions provider, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health. As on 30 September 2020, the company had 36 individual and 13 group products in its portfolio, along with 7 optional rider benefits, catering to a diverse range of customer needs.

The company reported 6.1% rise in consolidated net profit to Rs 327.83 crore on 89.6% increase in total income to Rs 16,426.03 crore in Q2 FY21 over Q2 FY20.

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