HDFC Life Q1 profit rises 15% to Rs 415 cr

New Delhi: HDFC Life on Friday reported 15 per cent increase in net profit at Rs 415 crore for first quarter of the current fiscal year.

The company had reported Rs 361 crore profit in April-June 2022-23.

The total premium rose 16 per cent to Rs 11,673 crore during the quarter as compared with Rs 10,050 crore in the year-ago period, HDFC Life said in a statement.

During the latest quarter, the first-year premium collection rose 19 per cent to Rs 5,869 crore from Rs 4,949 crore in the same period a year ago.

The company's solvency stands at 200 per cent as compared to 178 per cent in the same quarter a year ago.

The board has recommended a dividend of Rs 1.90 per share aggregating to a payout of Rs 408 crore subject to approval by the shareholders.

Indian Embedded Value of the company witnessed 29 per cent increase to Rs 41,843 crore at the end June 2023.