27 Jul , 2022 By : Monika Singh
Private sector insurer HDFC Life Insurance on Tuesday said its board of directors is scheduled to meet on July 29 to consider raising funds by way of issuing equity share or other securities by way of preferential issue.
In a stock exchange filing, the company said a meeting of its board of directors is scheduled to be held on July 29 to consider the fundraising and formulation of Employees Stock Option Scheme in view of Sebi regulations, subject to approvals of shareholders through postal ballots.
Backed by a healthy rise in annualised premium equivalent (APE) and a significant decline in Covid-related claims, HDFC Life Insurance has reported around 22% year-on-year (y-o-y) growth in its net profit at Rs 328.79 crore for the first quarter this fiscal on a consolidated basis. The insurer had posted a net profit of Rs 269.55 crore for the corresponding period last fiscal.
The insurer’s net premium income registered a 30.54% y-o-y increase to Rs 9,870.06 crore for the first quarter of FY23 from Rs 7,560.69 crore, while the first-year premium grew 32.91% y-o-y at Rs 1,708.66 crore as against Rs 1,285.56 crore. Renewal premium during the period under review rose 31.14% y-o-y at Rs 5,100.47 crore. The annualised premium equivalent (APE) registered a y-o-y growth of 22% at Rs 1,904 crore. During the period, value of the new business (VNB) grew by 25%.
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