HDFC Standard Life Insurance Co. Ltd. expects market stabilisation and lower volatility to boost sales of its unit-linked insurance plans by end of the current financial year, its Managing Director and Chief Executive Officer Vibha Padalkar said Wednesday.
HDFC Life would continue to bring in more innovative products through the year and will maintain a balanced product mix, Padalkar told BloombergQuint in a post-earnings conversation. She expects the company's sales of ULIPs to grow up to 20 percent or more by the year-end.
HDFC Life's profit for the quarter ended June grew 12 percent year-on-year to Rs 425 crore. The company said it expects to maintain growth momentum and end the current fiscal with a robust growth.
The company's assets under management witnessed no material impact due to the ongoing turbulence in the non-banking financial sector, Padalkar said. The assets, in the June quarter, grew 18 percent over last year to Rs 1,29,581 crore.
HDFC Life Q1 Results 2019-20: Highlights (year-on-year)
- Total premium rose 29 percent to Rs 6,536 crore.
- New business premium up 47 percent to Rs 3,926 crore.
- New business margin expanded to 29.8 percent from 24.2 percent.
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