HDFC Life's profit up by 10% in April-December period

Net profit stood at Rs 645 cr

HDFC Life has reported 10 per cent increase in net profit at Rs 645 crore for the April-December period of 2016-17 financial year.

Its net profit (based on IGAAP) was at Rs 589 crore during the corresponding April-December period of 2015-16.

There was a steady growth of 20 per cent in total premium at Rs 12,220 crore for the nine-month period ended December aided by steady renewal business growth of 9 per cent and new business premium growth of 38 per cent, HDFC Life said in a release.

Company's asset under management registered a healthy growth of 17 per cent at Rs 83,640 crore with underlying debt to equity mix of 62:38, it added.

On the merger of Max Life Insurance Company with itself, it said, "the IRDAI, vide its letter dated November 11, 2016 had expressed certain reservations on the proposed scheme. The company believes that the scheme is in compliance with all the applicable laws and has accordingly furnished necessary representations to the IRDAI clarifying on the matter. Company is currently awaiting further directions from the IRDAI."

The closing of the proposed transaction will be subject to the approval of the IRDAI, as well as other applicable approvals including the CCI, the SEBI, relevant stock exchanges and the National Company Law Tribunal (NCLT), it said.