HDFC Life Q1 Profit Jumps 15% to Rs 478 Cr | Business News
Jul 15, 2024 19:19
HDFC Life's net profit rose 15% to Rs 478 crore in Q1 FY24, driven by a 10% increase in total premium. New business premium collection also grew 9%.
New Delhi, Jul 15 (PTI) HDFC Life on Monday reported 15 per cent increase in net profit at Rs 478 crore for the first quarter of current fiscal year.
The company had logged Rs 415 crore profit in April-June FY24.
Total premium rose 10 per cent to Rs 12,811 crore during the quarter as compared with Rs 11,673 crore in the year-ago period, HDFC Life said in a regulatory filing.
During the latest quarter, new business premium collection rose 9 per cent to Rs 6,400 crore from Rs 5,869 crore in the same period a year ago.
The company's solvency came down to 186 per cent from 200 per cent in the same quarter a year ago.
Asset under management (AUM) increased 22 per cent to Rs 3,10,244 crore as against Rs 2,53,301 crore at the end of June 2023.
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