Q2 Results: HDFC Life Aims To Outperform Peers In Second Half Of FY20
HDFC Life Insurance Company Ltd. aims to outperform its peers in terms of new business premium for rest of the year on the back of new schemes. That’s according to its Managing Director and Chief Executive Officer Vibha Padalkar.
“We will continue to trend upwards on profitability and will forge ahead of the private sector growth in new business premiums,” Padalkar told BloombergQuint. “We have grown around two times the average private sector growth for the first half of the year.”
The total premium earned from new insurance policies sold by a life insurer is known as new business premium. HDFC Life maintained its top position among private players in total new business premium with a market share of 22.4 percent in the first half of the year, according to its earnings statement.
Shares of the Mumbai-based company rose 1.3 percent intraday to trade near an all-time high of Rs 616.20 each.
Q2 Results: (YoY)
- Gross premium rose 10 percent to Rs 7,555 crore.
- Net profit rose up 8 percent to Rs. 309 crore.
Watch the full interview here: