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Insurance arms of ICICI and HDFC look past COVID-19

HDFC Life Insurance aims to surpass the industry in new business growth while ICICI Prudential Life reiterated its focus on doubling the value of new business by FY23

July 26, 2021 / 10:29 AM IST
Insurance arms of ICICI and HDFC look past COVID-19

The insurance units of HDFC and ICICI groups saw a significant rise in COVID-19 related claims in the June quarter. This affected profit ratios and earnings of HDFC Life Insurance, ICICI Prudential Life Insurance and ICICI Lombard General Insurance. With claims coming in with a lag, the companies have stepped have up provisions. Still, the adverse experience is not holding them back in any significant manner. In fact, ICICI Lombard which saw a sharp rise in health insurance claims is stepping up its sales force to...

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