HDFC Life's net profit jumps 12% to Rs 357 cr; VNB margins at 29.3%

The firm settled some 390,000 claims in FY22, with gross and net claims paid of Rs 5,804 cr and Rs 4,328 cr, respectively. It was carrying excess mortality reserves of Rs 55 cr at the end of Q4

Private sector life insurer, HDFC Life, reported a 12.6 per cent jump in net profit to Rs 357 crore in the January–March quarter (Q4FY22), from Rs 317 crore in the year ago period as the impact of Covid on profits has started to wane.

Its new business margins expanded 240 basis points year-on-year (YoY) to 29.3 per cent in Q4FY22 from 26.9 per cent in the year-ago period. For the full year (FY22), the insurer reported a new business margin of 27.4 per cent compared to 26.1 per cent last year. New business margin indicates the profit margin of a