HDFC Life logs Rs 376 crore PAT for Q2

Private life insurer HDFC Life Insurance Company Ltd closed the second quarter of FY24 with a higher premium income and net profit over previous year corresponding period.

In a regulatory filing HDFC Life said it had earned a net premium of about Rs 14,755 crore (Q2FY23 Rs 13,110 crore) and a net profit of about Rs 376 crore (Rs 326 crore).

However, the company had posted higher net profit during the first quarter of FY24 at about Rs 415 crore.

During the period under review, HDFC Life had earned an investment income of Rs 8,104 crore down from Rs 9,782 crore earned during the previous year corresponding period.

The company's expenses of management shot up to about Rs 2,926 crore during Q2FY24 from about Rs 2,521 crore.

According to HDFC Life, it had paid about Rs 9,337 crore as benefits under the policies in Q2FY24 down from Rs 11,730 crore paid in Q2FY23.