HDFC Life Profit Up 12% At Rs 464 Crore In April-September
New Delhi: HDFC Life has reported a 12 per cent increase in net profit at Rs 464 crore during the first half of financial year 2016-17.
Its net profit (based on IGAAP) was at Rs 415 crore during the corresponding April-September period of 2015-16.
There was a steady growth of 16 per cent in total premium at Rs 7,649 crore for the half year ended September, aided by 29 per cent growth in new business premium and 8 per cent growth in renewal business, HDFC Life said in a release.
The company's asset under management registered a healthy growth of 18 per cent at Rs 82,661 crore with an underlying debt-to-equity mix of 59:41, it added.
"We continue to focus on delivering steady performance along with quality growth. Our endeavor is to innovate across the value chain by leveraging technology solutions and investing in new avenues of distribution. Our efforts continue in providing customized protection and health solutions to our customers," said Amitabh Chaudhry, MD and CEO of HDFC Life.
On the merger update, the company said the boards of directors of HDFC Life, Max Life Insurance Company (Max Life) and Max Financial Services and Max India Ltd at their respective meetings in August have approved entering into definitive agreements for the amalgamation of the business between themselves.
HDFC Life shares are expected to be listed on stock exchanges BSE and NSE after closing of the proposed transactions and regulatory approvals.
"The company has filed the relevant application to CCI and Irdai for their approval. We are in the process of filing application request with Sebi and shall apply for High court approval post approval from CCI, Sebi and Irdai," it said.
