HDFC Life on Friday reported a 3.3 per cent year-on-year (YoY) rise in net profit to Rs 273.7 crore for the quarter ended December due to a decline in income from investment.
Its gross premium income remained healthy with a 27 per cent increase to Rs 12,255 crore, led by traction in renewal premium and new business premium. On an annualised premium equivalent basis, premiums increased by 20.4 per cent YoY to Rs 2576 crore.
A number of life insurance companies recently increased their premiums on the prodding of their reinsurance partner, Munich Re. HDFC Life has increased its term plan prices by 15–25 per cent and ICICI Prudential has increased it by 10 per cent.