“We are witnessing a lift in customer confidence, which is also reflected in the new business premium trends for both the individual as well as the group credit protect business. We continue to see a pickup in the savings business, accompanied by an increase in both the average ticket size as well as number of policies,” HDFC Life Insurance’s chief executive Vibha Padalkar said.
The insurer said it settled 1,271 individual and 542 group Covid related claims as of December 2020. “The frequency of claim intimations has been higher in the third quarter. While our actual overall experience remains within our estimates, we continue to monitor the claims trends closely and will keep re‐evaluating the adequacy of the Covid reserve through the course of the next quarter,” the company said in a regulatory filing to stock exchanges.
Its solvency position was at 202% as on December 31, 2020.
HDFC Life’s share price fell 1.9% to Rs 687.65 Friday on BSE.