"Once the second wave subsides and significant parts of our country are vaccinated, we believe that pent-up demand would lift economic and commercial activity," HDFC Life added.
On its business, HDFC Life said, "We are working closely with our partners and re-insurers to ensure prompt service and claim resolution. Over the course of the year, we have settled over 2.9 lakh death claims resulting in payouts in excess Rs3,000 cr. Despite logistical challenges through the year, we insured close to 40 million lives in FY21."
Further, HDFC Life said, "We continued on our trajectory of delivering consistent and predictable performance in FY21, while outpacing industry growth. We have recorded a growth of 17% in terms of Individual WRP during FY21 on a base of 19% growth in FY20. The private industry grew by 8% on a base of 5% growth in FY20. We sold about 9.8 lakh new individual policies registering a YoY growth of 10%. Our market share in terms of Individual WRP increased by 130 basis points from 14.2% in FY20 to 15.5% in FY21."
HDFC Life has recorded a 2% YOY growth in its net profit to Rs317.94cr for the quarter ending March 2021 (Q4FY21). The insurer has posted a net profit of Rs311.71cr in the same quarter a year ago.
Vibha Padalkar, MD & CEO said, "Given the resurgence of Covid and the looming uncertainty around economic and market momentum, we will continue to maintain a cautiously optimistic stance for FY22 and evaluate our approach dynamically. We will strive for consistent new business growth and an upward trajectory on New Business Margins, whilst adhering to a conservative risk management approach. The current pandemic has led to higher awareness around the need for protection and the inadequacy of current insurance coverage."
Padalkar added, "Life insurance has surely emerged as a prominent theme to protect one’s family whilst securing long-term financial goals. To this effect, we take cognizance of our responsibility as an insurer and we extend our sincere gratitude to all our employees and partners, who have stood by us in these tough times and helped us achieve our objective of being one of the most trusted insurers of choice. We also thank our regulator, IRDAI for issuing several enabling notifications, without which our business might have struggled.”
HDFC Life stated that its existing suite of digital assets, which have been detailed in our investor presentation, is available across channels, partners and employees. This has enabled us to continue providing a seamless experience to the end customer from a new business and servicing perspective.