DHFL PRAMERICA LIFE INSURANCE REPORTS 50.8 cr. PAT IN FY 2015-16

DHFL PRAMERICA LIFE INSURANCE REPORTS 50.8 cr. PAT IN FY 2015-16

The Company ranks no. 13 among private life insurance companies

Gurgaon: DHFL Pramerica Life Insurance Co. Ltd. (DPLI) reported robust growth of 27% in FY 2015-16 posting a profit after tax (PAT) of Rs 50.8 cr. against Rs 39.9 cr. in FY 2014-15.

Business performance - FY 2015-16

• Collected New Business Premium (NBP) of Rs 727 cr. in FY 2015-16 up from Rs. 579.6 cr. in FY 2014-15; 25% growth over FY 2014-15

• Gross Written Premium (GWP) of Rs. 920.2 cr. in FY 2015-16 up from Rs. 735.1 cr. in FY 2014-15, a growth of 25% over last year

• AUM to Rs 2,072 cr. in FY 2015-16 up from Rs 1,574 cr. in FY 2014-15; growth of 32%

Commenting on the Company’s performance, Mr. Anoop Pabby, DPLI’s Managing Director & CEO said, “The last two years have been transformational for DPLI and the Board and shareholders are greatly pleased by the company’s performance. Our focus on creating organization wide customer centricity, strengthening businesses, enhancing revenue and distribution, and managing costs efficiently has put us on the road to sustainable profitable growth in the last three years.”

“In FY 2016-17, we will continue our efforts to provide innovative solutions to our customer’s life insurance needs. We will invest in technology and digital platforms to deliver seamless customer experience across all our distribution and customer touch points. I am confident that our segmented and differentiated approach will bring us closer to our customers and help us meet our aspirations of setting new standards in sales, service quality, and productivity benchmark in the industry,” Mr. Pabby added.

The Company currently protects over seven mn lives and has 78 branches across India. It has 24 life insurance products and six riders in its products basket, fulfilling a gamut of life insurance needs from child’s future protection to retirement in its portfolio.

About DHFL Pramerica Life Insurance (DPLI)
DPLI is a joint venture between Dewan Housing Finance Corporation Ltd. (DHFL), India’s second largest private sector housing finance company and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. The life insurance joint venture agreement between the two partners was signed in July 2013.

DPLI has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. For further information on the Company, please visit www.dhflpramerica.com

About DHFL
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access to the lower and middle income segments in the semi-urban and rural areas of the country. Today, led by Mr. Kapil Wadhawan, CMD, DHFL is India’s second largest housing finance company in the private sector, with a large network presence across the country, in addition to representative offices in Dubai, UAE and London, UK.

All through its years of growth, DHFL has stayed with its core vision of financial inclusion. The Company’s wide network, coupled with insights into local customer needs has enabled the Company to provide meaningful financial access to customers even in India’s smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is one of India’s largest financial services companies. For further information, please visit www.dhfl.com

About PFI
Pramerica* is a trade name used by Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States, and its affiliated companies in select countries outside the United States. PFI (NYSE: PRU), a financial services leader with more than ,1.184 trillion of assets under management as of 31st December 2015, has operations in the United States, Asia, Europe and Latin America. PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

^*Pramerica and the Rock Logo are proprietary service marks and may not be used without the permission of the owner.