HDFC Life Insurance Company Limited (HDFC Life), a leading private life insurer, has claimed to enhance its market share in terms of Individual WRP (Weighted received premium) by 214 basis points from 14.3% to 16.4%, while declaring its 9MFY21 performance.
It has informed in an official communication that its ranking has improved to #2 in terms of Individual WRP. It has registered PAT of Rs 1,042 Cr, with growth of 6% YoY for the nine months ending December 31, 2020. The private life insurer also informed that its individual WRP grew by 19% in Q3 and 8% in 9M FY21 v/s private industry de-growth of 6%.
For the December quarter (Q3) of FY21, HDFC Life has registered a 5% YoY growth in its net profit at Rs 263.44 crore with an improvement in investment income and premium collection. The net profit figure was rather disappointing for the markets as analysts were expecting the figure to be somewhere in the range of Rs. 330-370 crore.
The quarterly and 9M results were announced just after the markets closing. Prior to this, the stock closed at Rs. 687.65, down Rs. 13.00 or 1.86% at the BSE.
(Share Manthan, January 22, 2021)
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