New Delhi, July 20: HDFC Life today reported 20.2 per cent rise in net profit to Rs 380.18 crore for the first quarter of the current fiscal. The company had reported Rs 316.37 crore profit in the April-June quarter of last fiscal, 2017-18. Insurance profit (policyholder surplus) comprised 81 per cent of the total Profit After Tax (PAT) for the quarter ended June 30, 2018-19, HDFC Life said in a regulatory filing.

The total premium of HDFC Standard Life Insurance Company rose by 37 per cent to Rs 5,060 crore during first quarter of 2018-19, as against Rs 3,700 crore a year ago. The growth in total premium was aided by healthy new business growth of 62 per cent and stable growth of 16 per cent in renewable business, HDFC Life said in a statement.

The net income for the period rose to Rs 6,930 crore in the quarter ended June of this fiscal from Rs 6,570 crore in the year-ago same period. The value of new business during the quarter was up by 43 per cent to Rs 250 crore as against Rs 170 crore year earlier.

"We believe balanced product mix and focus on protection, coupled with the wider reach offered by our distribution partners, positions us well to maximize the long-term growth potential of the insurance industry," said Amitabh Chaudhry, MD & CEO, HDFC Life.

The board of directors of the company today approved the proposal for changing the corporate name of the company from HDFC Standard Life Insurance Company Ltd to HDFC Life Insurance Company Ltd, subject to the approval of shareholders, HDFC Life said.

"This has been approved by our Board to align our registered corporate name with our brand name. HDFC Ltd and Standard Life (Mauritius Holdings) Limited continue to be deeply involved with the company as our promoters and held 51.6 per cent and 29.3 per cent stake in the company respectively, as on June 30, 2018," it said. A stock of the company was trading at 0.66 per cent up at Rs 474.35 on BSE.