HDFC Life Q3 results | Net profit rises 3.3% YoY to Rs 273.7 crore

HDFC Life Insurance on January 21 reported a 3.3 percent year-on-year growth in profit after tax to Rs 273.7 crore for the quarter ended December.

The life insurer's net premium income rose 27.8 percent on-year to Rs 12,124 crore in the reported quarter.

HDFC Life's annual premium equivalent grew 20.4 percent on-year to Rs 2,597 crore, which was slightly above analysts' expectations of Rs 2,508 crore.

The life insurer's value of new business in the reported quarter surged nearly 22 percent on-year to Rs 694 crore, which was also above Street's estimate.

The company's assets under management at the end of the December quarter stood at Rs 1.95 lakh crore, rising 18 percent from the corresponding quarter a year ago. Income from investments net of amortisation slumped 82 percent on-year to Rs 1,981.8 crore in the reported quarter.

On the operating front, the life insurer's value of new business margins expanded to 26.7 percent from 26.4 percent in the year-ago quarter. The VNB margins were above Street's expectations of 26.4 percent.

Shares of HDFC Life Insurance were down 1.9 percent at Rs 637.1 on the National Stock Exchange.