DHFL Pramerica Life reports 27% rise in profit at Rs 50.8 crore

Private insurer DHFL Pramerica Life Insurance (DPLI) on Thursday reported a 27% growth in profit after tax at Rs 50.8 crore for 2015-16.The company's PAT had stood at Rs 39.9 crore in 2014-15 fiscal, DPLI said in a release.

Gross Written Premium (GWP) grew by 25% to Rs 920.2 crore during last financial year as against Rs 735.1 crore last year.

The New Business Premium (NBP) also grew by 25% to Rs 727 crore in 2015-16, from Rs 579.6 crore in FY15.

The company's asset under management went up by 32% to Rs 2,072 crore in 2015-16 from Rs 1,574 crore last year.

"The last two years have been transformational for the firm and the Board and shareholders are greatly pleased by the company's performance," DPLI's MD and CEO Anoop Pabby said.

"Our focus on creating organisation 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," Pabby said.

In 2016-17, the company will invest in technology and digital platforms to deliver seamless customer experience across all our distribution and customer touch points, Pabby said.

The company has 78 branches across the country.

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.

DPLI is a joint venture between Dewan Housing Finance Corporation and Prudential International Insurance Holdings, a fully-owned subsidiary of US-headquartered Prudential Financial Inc.