HDFC Life profit falls as claims soar due to Covid

HDFC Life Insurance reported a 33 per cent year-on-year fall in net profit for the quarter ended June to Rs 302 crore as the company raised reserves for claims expected in second and third quarter.

In the quarter ended June, the life insurer saw a ‘steep rise in death claims, with peak claims in second wave at 3-4 times of the peak claim volumes in the first wave’.

The life insurer paid over 70,000 claims in the first quarter of the current financial year with gross and net claims amounting to Rs 1,598 crore and Rs 956 crore, respectively.

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