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HDFC Life Insurance slips 3% post Q4 earnings

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MUMBAI : Shares of HDFC Life Insurance Company dropped nearly 3% in Tuesday’s session a day after the company reported 14.54% year-on-year decline in its consolidated net profit to ₹311.65 crore for the quarter ended March 2020.

After touching an intraday low if ₹471.20 apiece on the BSE, the scrip recouped all the losses and closed 0.15% higher at ₹485.55.

The benchmark Sensex advanced 371 points to end at 32,114.52. HDFC Life Insurance’s net investment income slipped into the red touching a negative of ₹10,229.92 crore in Q4FY20 as compared to an income of ₹3,755.65 crore in the year-ago period.

Provisions for diminution in value of investments rose to ₹375.85 crore in Q4 compared to ₹17.32 crore in the year-ago period.

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