HDFC Life Q4 net profit falls 14.3 pc to Rs 311.7 cr
In the year ago period, it had reported a profit after tax of Rs 364.01 crore.
The investment income fell to negative Rs 10,229.92 crore in the quarter as against an income of Rs 3,755.6 crore in the year-ago period.
For the full year, profit remained flat at Rs 1,295 crore.
HDFC Life's new business premium grew 15 per cent to Rs 17,239 crore during FY20 as against Rs 14,971 crore in 2018-19.
"We continue to deliver growth higher than industry and register steady performance across all key metrics. We believe that insurance remains a multi-decade opportunity with significant potential," the company's managing director and CEO Vibha Padalkar said.
The company's renewal premium grew 9 per cent to Rs 15,468 crore as against Rs 14,215 crore in FY19.
Total number of insured lives increased by 19 per cent to 6.1 crore in FY20.
The life insurer's assets under management (AUM) was almost flat at Rs 1.27 lakh crore as compared with Rs 1.25 lakh crore in FY19.
Total annualized premium equivalent (APE) rose 18 per cent to Rs 7,407 crore as against Rs 6,260 crore, while solvency ratio stood at 184 per cent as against 188 per cent in FY19.
The company has taken in principle approval for raising Rs 600 crore through bonds.