HDFC Life Q2 net profit declines 16% to Rs 275.9 cr

HDFC Life Insurance on Friday reported a nearly 16 per cent decline in consolidated net profit to Rs 275.91 crore in the second quarter ended September 30.

The life insurer had posted a net profit of Rs 327.83 crore in the year-ago period.

Total income of the insurer during the July-September period, however, rose to Rs 20,478.46 crore, against Rs 16,426.03 crore a year ago, HDFC Life said in a regulatory filing.

The net premium income increased to Rs 11,445.53 crore, from Rs 10,056.71 crore in the year-ago period.

"Our business performance remains strong with 22 per cent growth and private market share of 16.2 per cent in terms of individual WRP in H1 FY22," Vibha Padalkar, MD and CEO, HDFC Life Insurance Company, said.

New business margin (NBM) expanded by 130 bps to 26.4 per cent for the first half of this fiscal, higher than 25.1 per cent a year ago, she said.

"Value of new business (VNB) was Rs 1,086 crore, recording a robust growth of 30 per cent over last year. Our profit after tax stands at Rs 577 crore for H1, 26 per cent lower than H1 FY21, on the back of higher claims reserving warranted by the second wave of the pandemic," she added.

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Shares of HDFC Life was trading at Rs 684.80 apiece on BSE, down 1.45 per cent from the previous close.