HDFC Life Insurance reported a 3.7 per cent increase in its net profit to ₹273.65 crore in the third quarter of the fiscal compared to ₹264.99 crore in the same period last fiscal. For the quarter-ended December 31, 2021, the private sector life insurer registered a 27.8 per cent jump in net premium income to ₹12,124.36 crore as against ₹9,487.01 crore a year ago. Its 13th month persistency ratio was at 84.5 per cent as on December 31, 2021 compared to 79.2 per cent a year ago. Solvency ratio was 190 per cent at the end of the third quarter this fiscal versus 202 per cent a year ago. Vibha Padalkar, Managing Director and CEO, HDFC Life Insurance said “We continued to deliver consistent and robust growth of 21 per cent in nine months of 2021-22, resulting in a private market share of 15.2 per cent in terms of Individual WRP.”
Merger
Effective January 1, 2022, Exide Life Insurance has become a fully wholly-owned subsidiary of HDFC Life as part of the overall merger process. “The integration process is underway and we expect to absorb the acquired business seamlessly, whilst maximising value unlock, over the next 18 to 24 months,” Padalkar further said.