HDFC Life posts lower net profit of Rs 850 cr for 9 months

AgenciesUpdated: Friday, January 21, 2022, 05:58 PM IST
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HDFC Life stated that the posted lower net profit primarily due to elevated claims during the pandemic and reserving for excess mortality. |

Private life insurer HDFC Life Insurance Company Ltd stated that it closed the nine month period ended December 31, 2021 with a lower net profit of Rs 850 crore on an increased premium income of about Rs 31,106 crore.

The company said its board approved the amalgamation of its wholly-owned subsidiary Exide Life Insurance Company Ltd with itself.

The company posted lower net profit primarily due to elevated claims during the pandemic and reserving for excess mortality.

HDFC Life had earned net premium income of about Rs 31,106 crore for the period.

HDFC Life Insurance Company Ltd. is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance services and incorporated on 14 August 2000.

(With inputs from IANS)

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