DHFL Pramerica Life Insurance’s FY18 net profit up by 73% at INR 106 cr.

>> Fastest growing Life insurance company in FY 18 with 67 % YOY growth, Individual Business grew at 72% and Group Business grew at 65%

>> Recorded a 73% growth in Profit after Tax over the same period last year (FY18 over FY17)

>> The company ranks 9 in FY18, amongst private life insurance companies - up from rank 13 in FY17 (Source: Life Council of India)

Gurugram: DHFL Pramerica Life Insurance (DPLI), one of the leading life insurance companies in India, has announced its Q4FY18 and FY18 Annual Results for the period ended March 31, 2018. DPLI has notched a Profit after Tax (PAT) of INR 106 cr. in FY18 registering a growth of 73% over FY17. DPLI’s Profit before tax (PBT) stands at INR 122 cr. with an AUM of INR 3,702 cr.

Business Performance –FY2017-18

>> Collected New Business Premium (NBP) of INR 1,450 cr. in FY 2017-18

>> Gross Written Premium (GWP) of INR 1,844 cr. in FY 2017-18

>> A healthy 45% growth in Renewal Premium collection, leading to a 13th month persistency of 80%

>> Individual business grew at 72% and Group Business grew at 65%

>> PBT grew by 73% from INR 70 cr. to INR 122 cr.

Speaking on the company’s performance during the year, Mr. Anoop Pabby, Managing Director and CEO, DHFL Pramerica Life Insurance said, “We are delighted with our business performance this year with a stellar growth of 73% in PAT & a 67% growth in New Business Premium making us the fastest growing Life Insurance Company in FY18. A uniquely segmented and differentiated approach to business is the hallmark of DPLI. An unrelenting focus on differentiation, customer centricity & providing customized product & service solutions has been the core driver of growth.  A 67% growth rate in New Business Premium (NBP) of DPLI as against the industry growth of 18% is a clear demonstration of our agility in leveraging the right set of opportunities in the market place. Our 13th month persistency stands tall at 80% & so is our Claims paid ratio of 97% that firmly pegs DPLI amongst the Top players in the industry”  

“In FY 2018-19, we will continue our efforts on digital transion, introducing relevant & differentiated products, invest on digital & technology platforms to provide a consistent, new age, differentiated & superlative experience to our customers.” Mr. Pabby added.

DPLI has been steadily gaining leadership position in the life insurance industry. Spread across the country with 117 branches in 29 states with close to 10,000 agents, the company currently protects over 21 million lives. As of today, the company has 34 life insurance products and 6 riders in its product basket, fulfilling a gamut of life insurance needs including child’s future, protection and retirement planning.

About DHFL Pramerica Life Insurance (DPLI)

DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India’s largest housing finance companies (the second largest in the private sector) 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.

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 inion 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 for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated and reckoned as one of India’s leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.

Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. 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 a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further inion, please visit www.dhfl.com.

About PFI

PFI, a financial services leader with ,1.366 trillion of assets under management as of September 30, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential’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. Prudential International Insurance Holdings & Prudential Financial Inc. of the United States are not affiliated with Prudential Plc, a Company incorporated in the United Kingdom. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more inion, please visit http://www.prudential.com.

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