HDFC Life reported a profit after tax of Rs 1,042 crore in the nine-month period ended December 31, with the growth of 6%. Meanwhile, it witnessed a marginal rise of 5.8 per cent rise in net profit at Rs 264.99 crore for the third quarter ended December. In addition, 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 COVID-19 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.”
The insurer's profit stood at Rs 250.24 crore in the same quarter of the previous fiscal. Meanwhile, its total income improved to Rs 21,126.80 crore from Rs 11,648.72 crore in October-December 2019. 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.