InvestorQ : Why did HDFC Life report a sharp fall in profits for the Jun-21 quarter?
Dhwani Mehta made post

Why did HDFC Life report a sharp fall in profits for the Jun-21 quarter?

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Dilmini Mercia answered.
4 months ago
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HDFC Life net profits for Jun-21 quarter fell 33% on the back of higher claim pay-out and additional provisioning of Rs.700 crore. This provision was to mitigate the impact of COVID claims. In Jun-21 quarter, HDFC Life settled 70,000 claims with gross claim pay-out of Rs.1,598 crore since death claims were 3-4 times the first round of COVID. Total premiums were up 31%, new business premium up 44% and renewal premiums were up by 20%.

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