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HDFC Life Insurance Co. saw higher Covid-19 claims and settled gross claims of ~Rs 16 billion (over 70,000) – as claims during the second Covid-19 wave have been three to four times the peak claims seen during the first wave.
The company made an excess mortality reserve of Rs 7 billion towards potential Covid claims, which dented earnings and embedded value operating profit growth.
On the annual premium equivalent front, the individual protection business declined 4% YoY as HDFC Life remains cautious over the near term.
On the other hand, strong trends continued in the non-participating/annuity and credit life segments. Thus, the share of non-par/annuity in the total APE increased to 27%/6%.
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