The HDFC Standard Life Insurance Company Ltd announced financial results for the fiscal year 2018. The company reported the profit after tax of Rs 11.1 billion for fiscal 2018 against Rs 8.9 billion for fiscal 2017, up by 24%.
The company's New Business Premium surged by 32% and recorded Rs 113.5 billion in fiscal 2018 as compared to Rs 86.2 billion in fiscal 2017. The Renewal Premium also showed an upscale by 13%, from Rs 108.2 billion in fiscal 2017 to Rs 122.1 billion in fiscal 2018.
The Company also announced results for the fourth quarter of 2018 and reported that the Net Profit grew by 40% to Rs 3.5 billion. Total group's business grew by 24% during the fourth quarter of 2018. It also registered a healthy growth in Individual APE of 11% and the total premium grew by 24% during the fourth quarter of 2018.
Commenting on the performance, Mr. Amitabh Chaudhry, MD & CEO, HDFC Life said "The Company continues to harness the long-term growth potential of the sector, with a specific focus on protection. The Company had a robust year with strong growth and it continued to deliver consistent performance across all metrics. The balanced product mix, diversified distribution network, and customer centric approach has helped deliver profitable growth and thereby adding to shareholder value. In line with the stated strategy, the Company will continue to work hard and invest in leveraging technology and re-imagine the life insurance business."
HDFC Standard Life Insurance Company Limited (HDFC Life / Company) is a joint venture between HDFC Ltd., India's housing finance institution and Standard Life Aberdeen, a global investment company.