HDFC Life net up 6%; Covid claims tapering

HDFC Life posted a 5.8 per cent rise in net profit at Rs 264.99 crore for the third quarter ended December.

The insurer’s new business saw growth of 11% in the nine-month period ended December 31 as well.

Speaking to The Free Press Journal, Suresh Badami, Executive Director, HDFC Life, said, “In March-May, we saw a fair upside on customers who were looking at term and health as a category. As we got into Q3 end, term as a category has been normalising.”

In the case of new business, Vibha Padalkar, MD and CEO, said, “Given that the vaccination drive has been initiated and the economic momentum on the ground seems sustained, we will strive for continued new business growth and an upward trajectory on New Business Margins whilst adhering to a conservative risk management approach.”

Commenting on COVID19 claims, she said, “Our percentage of the claims related to COVID-19 that we received had gone up to 20 per cent. Now, it is down 16 per cent. There has been tapering off of COVID claims from overall claims.”

Meanwhile, its total income improved to Rs 21,126.80 crore in OctoberDecember 2020 from Rs 11,648.72 crore a year ago. During the April-December period, the company's net profit also rose 6 per cent to Rs 1,042 crore from Rs 984 crore in the same period a year ago.