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HDFC Life net profit declines 33 pc to Rs 302 cr in Q1 FY22

”In the quarter gone by, we witnessed a steep rise in death claims with peak claims in wave two at around 3-4 times of the peak claim volumes in the first wave. We paid over 70,000 claims in Q1.The gross and net claims provided for amounted to Rs 1,598 crore and Rs 956 crore, respectively. It appears that claims on individual business have peaked in June and expect them to normalise in the coming months with more people getting vaccinated and a fall in the absolute number of infections,” HDFC Life said on the impact of the pandemic on the business during the quarter.

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