HDFC Life profit falls 16% in Q2 on account of high Covid-19 claims

Net premium increased 14 per cent to Rs 11,443.96 crore against Rs 10,045.44 crore a year ago

Private sector insurer HDFC Life insurance reported a 16 per cent year-on-year (YoY) fall in standalone net profit in the July-September quarter (Q2) of FY22 on account of high Covid-19 claims. Its net profit was Rs 274.16 crore compared to Rs 326.09 crore in the corresponding period last year.

The company has added Rs 60 crore to its excess mortality claim reserve in Q2, taking the unutilised reserve to Rs 204 crore. The life insurer had set up an excess mortality claim reserve of Rs 700 crore, of which it has utilised Rs 556 crore. It has settled around 200,000 claims