New Delhi, Jul 21 (PTI) Shares of HDFC Life Insurance on Tuesday went up by nearly 2 per cent after the firm reported a 6 per cent rise in standalone net profit for the first quarter of the current financial year.

The company's scrip gained 1.60 per cent to close at Rs 627 on the BSE. During the day, it rose 2.48 per cent to Rs 632.50.

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On the NSE, it rose by 1.78 per cent to close at Rs 627.45.

The company on Tuesday reported a 6 per cent rise in standalone net profit at Rs 451 crore for the first quarter of the current financial year.

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The private sector life insurer had posted a net profit of Rs 425 crore in April-June, 2019-20.

However, total premium declined by 10 per cent to Rs 5,863 crore during the quarter as compared with Rs 6,536 crore in the year-ago period, HDFC Life said in a statement.

As the economy is coming to terms with the effects of the pandemic, it is increasingly witnessing encouraging on-ground trends and business has started to pick up on a month-on-month basis, HDFC Life Managing Director and CEO Vibha Padalkar said.

"We are seeing higher traction, especially in the individual protection business...We remain well positioned to provide a sustainable value proposition to our customers, partners and shareholders in these challenging times," she said.

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