HDFC Life Insurance said on Monday its individual weighted received premium (WRP) grew by 19 per cent leading to an expansion of market share by 170 basis points to 14.2 per cent in the financial year ended March 31.
The company said it maintained its leadership position within the group segment, growing by 20 per cent which led to a market share of 29 per cent.
At the same time, the total number of insured lives increased to 6.1 crore, growing by 19 per cent in the year-on period.
As on March 31, assets under management totalled Rs 1.3 lakh crore with a debt equity mix of 71:29 and more than 96 per cent debt investments are in government securities and AAA bonds.
The profit after tax was Rs 1,295 crore in FY20, up one per cent compared to Rs 1,277 crore in FY19. However, the value of new business jumped by 25 per cent to Rs 1,919 crore from Rs 1,537 crore in the same period.
"The opportunities across mortality, morbidity and longevity remain large in our country," said Managing Director and CEO Vibha Padalkar.
"Customer-centricity, product innovation, a diversified distribution network and technological capabilities are key pillars of our strategy and enablers to provide a sustainable value proposition to our customers, partners and shareholders," she said in a statement.
HDFC Life Insurance is a joint venture between HDFC Ltd and Standard Life Aberdeen, a global investment company.
( With inputs from ANI )