HDFC Life reports 19% jump in Q2 earnings

HDFC Life Insurance Company reported a 19% increase in second-quarter profit from increased policy sales, as more people sought cover in the aftermath of the COVID-19 pandemic.

Standalone profit-after-tax was 3.26 billion Indian rupees ($39.42 million) for the quarter ended Sept.30 compared with 2.74 billion rupees, the insurer said in a regulatory filing.

Its net premium income rose 14.6% on-year to 131.11 billion rupees.

“We have grown in line with the industry and faster than listed peers this quarter which also led to market share improvement,” said VibhaPadalkar, Managing Director and Chief Executive Officer, adding the insurer’s share was now 15% on a pre-merger basis.

HDFC Life Insurance completed its merger with Bengaluru-based battery maker Exide Life Insurance on October 14, the first ever M&A transaction in the Indian life insurance sector.