HDFC Life Insurance reported a 2% increase in its standalone profit after tax to Rs. 318 crore in the quarter ended on March 31, 2021, compared to Rs. 312 crore in the year-ago period. For the financial year 2020-21, the HDFC Life’s profit after tax grew by 5% to Rs. 1,360 crore from Rs. 1,295 crore in FY20.
During the year, it sold about 9.8 lakh new individual policies registering a y-o-y growth of 10%. The value of new business (VNB) increased by 14% to Rs. 2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to new business margin of 26.1%.
Vibha Padalkar, MD and CEO, HDFC Life, told the reporters, “In what has been uncertain times for humanity, we remain sensitive about the health impact and loss of lives due to the pandemic and continue to prioritise employee, customer and partner safety. We are working closely with all our partners and re-insurers to ensure timely service and claim resolution.”
“Based on our actual experience in FY21 and after factoring in aspects such as latest mortality trends across business and customer segments and geographic spread of COVID 2.0, the insurer has provided for a COVID reserve of Rs. 165 crore for FY22,” Padalkar further added.