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HDFC Life Q1 pre-tax profit up 2.87%, new business premium down 33%

Value of new business, a measure of profitability for life insurers, was down 43 per cent to Rs 291 crore in Q1FY21 from Rs 509 crore

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The insurer has made provision to the tune of Rs 41 crore in the June quarter for the potential adverse mortality experience due to Covid-19

Subrata Panda Mumbai

3 min read Last Updated : Jul 22 2020 | 1:27 AM IST

Private insurers HDFC Life has reported a 2.87 per cent jump in pre-tax profit to Rs 450.54 crore in Q1FY21 from Rs 437.97 crore in Q1FY20. The insurer's net profit rose 6 per cent to Rs 451 core in the same period from Rs 425 crore a year ago.

While the new business premium of the insurer declined 33 per cent year on year to 2,623 crore in Q1FY21, the renewal premium grew 24 per cent year-on-year to Rs 3,239 crore, taking the total premium earned by the insurer in Q1FY21 to Rs 5,863 crore, down 10 per cent over

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