Higher sales in protection business and private annuity products improved HDFC Standard Life Insurance Company Ltd.’s margin, according to its Managing Director & Chief Executive Officer Vibha Padalkar.
“On an unweighted basis, our protection business went up to 27 percent from 26 percent (total new business premium),” Padalkar told BloombergQuint in an interview. “Also, private annuity business has increased from 2 percent to a significant 5 percent year-on-year on annual premium equivalent basis.”
Padalkar also said the flagship annuity product Sanchay Plus launched in mid-March did about Rs 250 crore of business in the quarter.
Key Highlights (YoY)
- Net premium income rose 15 percent to Rs 10,247.50 crore.
- Profit after tax rose 5 percent to Rs 364 crore vs Rs 346.84 crore.
The shares of the insurance company fell 1.2 percent intraday to Rs 395 apiece in today’s trade.
Watch the full interview here:
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