NEW DELHI: HDFC Life on Tuesday reported 21 per cent increase in net profit at Rs 365 crore for the first quarter of current fiscal year.
The company had reported Rs 302 crore profit in April-June 2021-22.
The total premium rose 21 per cent to Rs 9,396 crore during the quarter as compared with Rs 7,656 crore in the year-ago period, HDFC Life said in a statement.
During the latest quarter, first-year premium collection rose by 27 per cent to Rs 4,776 crore from Rs 3,767 crore in the same period a year ago.
The company's solvency stands at 178 per cent, it said, adding, in order to further strengthen solvency to fuel growth, it will continue to evaluate raising equity capital as needed.
Consequent to acquisition of Exide Life Insurance Company Limited on January 1, 2022, it has become a wholly-owned subsidiary of the company.
"Further, with regards to the merger of Exide Life with the company, post necessary approval, the Holding Company had filed a Scheme of amalgamation with National Company Law Tribunal (NCLT).
NCLT had vide its order dated June 6, 2022, admitted the application and granted certain exemptions to further proceed with the merger process," it said.