HDFC Life Insurance net profit rises 5% to ₹364 crore in March quarter

HDFC Standard Life Insurance's net premium collection grew to  ₹10,247.50 crore, compared with  ₹8,900.02 crore in the year-ago quarter. (Mint)

NEW DELHI: HDFC Standard Life Insurance Friday reported a 5 per cent rise in standalone net profit to 364.01 crore for the fourth quarter ended March 31.

It had registered a net profit of 346.84 crore in the corresponding quarter of 2017-18.

The company’s total income increased to 14,374.56 crore during the quarter, from 8,134.61 crore a year ago.

“In line with our stated strategy, we continue to focus on profitable growth and providing the best value proposition to our customers, partners and shareholders,” HDFC LifeInsurance Managing Director and Chief Executive Officer Vibha Padalkar said in a statement.

Net premium collection grew to 10,247.50 crore, compared with 8,900.02 crore in the year-ago quarter.

For the entire fiscal, the standalone net profit increased 15 per cent to 1,276.79 crore, from 1,109 crore a year ago.

The company’s embedded value (EV) increased 20 per cent to18,301 crore at the end of March 2019, it said.

The EV is similar to the book value of companies in other sectors. It is sum of the company’s net worth and the present value of all future profits to shareholders from the existing book of the company, including new business written in the year.

Value of new business (VNB) rose 20 per cent to 1,537 crore, against 1,282 crore in the corresponding period of the previous fiscal.

VNB is used to measure profitability of the new business written in a period. It is the current value of all future profits to shareholders measured at the time of writing of the new business contract.