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HDFC Standard Life first-year premium up 63%

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Description  :  Corporate
Date  :  Aug-17-2010

HDFC Standard Life Insurance Co. Ltd. is a life insurance arm of the HDFC bank, has reported a surge in its first-year premium.

The Life insurer has recorded a strong growth in premium collection by 63 % for the Q-1 of current financial year (2010-11).

HDFC Standard Life is one of India's leading private life insurance companies.

The Q-1 growth was coupled with lower operating expenses and commission ratios and a solid surge in the conservation ratio.

Mr. Amitabh Chaudhry, MD& CEO of HDFC Standard Life Insurance Co. Ltd. said the company has registered a superb surge in its quarterly results inspite of the regulatory hurdles.

He said the company has been successful in significantly lowering its expense ratio to 23.1 % in first quarter of 2010-11 from 30.4 % in the same period of previous financial year.

Mr. Chaudhry said the company expects to register further growth in the latter half of the year and the operating expense ratio is likely to reduce further during the year.

He also said that the company's total commission ratio also inched down to 6.8 % from 8.2 % with a corresponding reduction in new business commissions to 12.2 % from 15.9 %.

Besides, the conservation ratio of the company also improved considerably, which indicates that the customers' continued to focus on life insurance as a long-term investment vehicle.

Mr. Chaudhry further said that the company closed the Q-1 with an Indian GAAP loss of Rs. 75.1 crore mainly due to new business strain caused by a strong growth in new business premium.

HDFC Standard Life Insurance Co. Ltd. is one of India's leading private life insurance companies. It is a joint venture between Housing Development Finance Corporation Ltd (HDFC) and Standard Life plc.

HDFC Ltd. holds 72.43 % and Standard Life (Mauritius Holding) Ltd. holds 26 % of equity in the joint venture, while the rest is held by others.

At present, the company has 32 retail and 4 group products in its portfolio, along with 5 optional rider benefits catering to the savings, investment, protection and retirement needs of customers.

HDFC Standard Life has 568 branches in more than 700 cities and towns.

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