HDFC Life's standalone net profit up 2% to Rs 318 crore in Q4FY21

23% rise in net premium; Rs 41 cr Covid reserve last year completely used up to settle claims

Private sector life insurer HDFC Life on a standalone level reported a 2 per cent jump in net profit to Rs 317.94 crore in the March quarter of FY21, from Rs 311.71 crore in the same period last year. 

The insurer saw a 23 per cent rise in net premium in Q4FY21 to Rs 12,868.01 crore from Rs 10,464.46 crore a year ago. Its investment income of Rs 6,051.42 crore in the fourth quarter was down almost 50 per cent sequentially. 

HDFC Life has a Covid reserve of Rs 165 crore for FY22 on its balance sheet for potential adverse