Home FEATURED NEWS India’s HDFC Life misses This autumn revenue view on greater bills

India’s HDFC Life misses This autumn revenue view on greater bills

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BENGALURU, April 26 (Reuters) – India’s HDFC Life Insurance Co Ltd (HDFL.NS) reported a smaller-than-expected rise in fourth-quarter revenue on Wednesday, as greater bills greater than offset the rise in revenue from premiums.

The Mumbai-based insurer mentioned its standalone revenue after tax rose a marginal 0.3% to three.59 billion Indian rupees for the quarter ended March 31.

Analysts, on common, had anticipated a revenue of three.73 billion rupees, as per Refinitiv IBES information.

The sale of pricier insurance policies jumped in March after the federal government mentioned it will withdraw tax incentives on such insurance policies issued from April. That contributed to a 35.9% rise in internet premium revenue to 194.27 billion rupees.

The authorities mentioned it will now tax the entire returns on the maturity of life insurance coverage insurance policies if the combination premium topped 500,000 rupees a yr.

However, ballooning bills offset this rise in revenue.

Management bills, which embrace internet fee and different working bills associated to the insurance coverage enterprise, jumped 65.9%, pushed primarily by greater advertising and enterprise growth bills, the corporate mentioned.

The insurer’s internet revenue from investments additionally fell 15% to 11.9 billion rupees.

The firm’s worth of recent enterprise, which measures anticipated revenue from new premiums and is a key gauge for development, was up 36.9% following the merger with Exide Life Insurance, accomplished within the earlier quarter.

Shares of HDFC Life closed 0.4% greater to 531.6 rupees forward of the outcomes.

Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman

Our Standards: The Thomson Reuters Trust Principles.

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