Sunday, October 24, 2021

HDFCLIFE Q2FY22 Results Announced | Impact & Outlook

HDFC Life Insurance Company Ltd 

Private insurance major HDFC Life Insurance Company Ltd closed the first half of the current fiscal with a net profit of about Rs 577 crore, down from Rs 777 crore logged during previous year corresponding period, MD and CEO Vibha Padalkar said on Friday.

She also said the company is in discussions with re-insurers on rate revision and a decision on it is expected to happen by the end of this year. The process of merging Exide Life Insurance is progressing well, she added.

Announcing the financial results, Padalkar said the company posted a lower net profit owing to increased provisioning against claims.

She said the company had settled about 200,000 claims during the first half of the year.

The gross and net claims amounted to Rs 3,640 crore and Rs 2,466 crore, respectively.

"The overall experience has been in line with our projections and we carry an Excess Mortality Reserve (EMR) of Rs 204 crore into H2 FY22," she said.

The company had created a provision of Rs 700 crore as EMR to cover increased claims due to Covid-19. An additional Rs 60 crore provision has been created during the second quarter of this year.

The company had earned a total premium of Rs 19,287 crore during the period under review up from Rs 16,045 crore earned during H1 of last fiscal.

Stock Price Outlook

Long term investor should hold and stay invested . For short term 656 - 672 is strong support zone for enter into the stock. In upside 735 - 750 is strong resistance zone for short term investor.

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