HDFC LIFE INSURANCE COMPANY LTD.
Introduction
HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance
Company Limited) is a joint venture between HDFC Ltd., one of India’s leading
housing finance institution and Standard Life Aberdeen, a global investment
company.
Established in 2000, HDFC Life is a leading long-term life insurance solutions
provider in India, offering a range of individual and group insurance solutions that
meet various customer needs such as Protection, Pension, Savings, Investment and
Health. As on Jun 30, 2018, the Company had 34 individual and 11 group products
in its portfolio, along with 8 optional rider benefits, catering to a diverse range of
customer needs.
HDFC Life continues to benefit from its increased presence across the country
having a wide reach with 413 branches and additional distribution touch-points
through several new tie-ups and partnerships comprising 163 bancassurance
partners including NBFCs, MFIs, SFBs, etc and 26 partnerships within non-
traditional ecosystems. The Company has a strong base of financial consultants.
In Fiscal 2012, The Company established a wholly-owned subsidiary, HDFC
Pension Management Company Ltd., to operate its pension fund business under the
National Pension Scheme (NPS). And in Fiscal 2016, the Company established its
first international wholly-owned subsidiary in the UAE, HDFC International Life
and Re Company Ltd., to operate its reinsurance business.
Vision
One of the most successful and admired life insurance company, which means that
we are the one of the most trusted company, the easiest to deal with, offer the best
value for money and set the standards in the industry.
'The most obvious choice for all'.
Values
Our vision and values that we observe at work
1. Excellence
2. People Engagement
3. Integrity
4. Customer Centricity
5. Collaboration
Insurance plans
HDFC life insurance offers a large number of insurance plans for individuals, NRI
and groups. It also offers plan online as well as offline. Some of the plans are:
Combo plan
Term plan
Retirement plan
Investment plan
Child plan
Women plan
Health plan
Financial highlights
Income statement analysis -The reported Gross Premium Income
representing the total premium earned by the Company witnessed strong
growth of 21% with growth in both individual and group premium.
Revenue-The total premium collected by the Company during the year
observed increase of 21% from Rs.19,445 Crs in FY 2017 to Rs.23,564 Crs
in FY 2018 due to healthy growth witnessed in new business and stable
renewal premium accretion. The first year regular individual premium
business rose by 29% from Rs.3,573 Crs in FY 2017 to Rs.4,622 Crs in FY
2018. During FY 2018, the Company has added nearly 10.50 lac new
policies to its portfolio.
The reinsurance ceded increased by 13% from Rs.171 Crs in FY 2017 to
Rs. 193 Crs in FY 2018.
The income from investments during the year decreased from Rs. 11,367
Crs in FY 2017 to Rs. 8,875 Crs in FY 2018, primarily due to lower mark to
market gains in the unit linked segment compared to previous year. During
FY 2018, BSE Sensex increased by 11% as against an increase of 17% in the
previous year.
Other income-During the year, other income has increased from Rs.104
Crs in FY 2017 to Rs. 125 Crs in FY 2018, primarily on account of one-off
interest, amounting to Rs. 34 Crs earned in FY 2018 on Income Tax refund.
Other income includes income on unclaimed amount of Policyholders of Rs.
41 Crs in FY 2018 and Rs. 62 Crs in FY 2017.
Commission-The commission expense increased from Rs.792 Crs in FY
2017 to Rs.1,075 Crs in FY 2018, an increase of 36%, in line with the
underlying business growth, incremental commission rates and change in
product mix.
Profitability-The overall Profit after tax rose by 24% from Rs. 892 Crs in
FY 2017 to Rs. 1,109 Crs in FY 2018 with profits arising from a strong back
book off-setting new business strain resulting from new business growth.
The Company also paid dividend of Rs. 329 Crs (including Dividend
Distribution Tax) during FY 2018, compared to Rs. 264 Crs paid in FY
2017. The Company had total accumulated profits of Rs.2,394 Crs as on
March 31, 2018.
Capital -The overall share capital including share premium was Rs. 2,325
Crs. The net worth witnessed an increase of 24% during the year to Rs.
4,749 Crs as on March 31, 2018.
Shareholding pattern
Category No. of shares Percentage
Promoters 1,03,85,14,075 51.48
Foreign Promoters 49,74,44,274 24.66
Foreign Institutions 21,22,15,478 10.52
General Public 13,53,27,517 6.71
Others 6,47,70,869 3.21
NBFC and Mutual
5,18,37,709 2.57
Funds
Financial Institutions 1,66,96,241 0.83
GDR 5,74,994 0.03
Board of directors
1 Mr Deepak Parekh- Chairman & Non Executive Director
2 Sir Gerry Grimstone- Non Executive Director
3 Mr Keki Mistry- Non Executive Director
4 Mr Norman Keith Skeoch- Non Executive Director
5 Ms Renu Sud Karnad- Non Executive Director
6 Mr VK Viswanathan -IndependentDirector
7 Mr Prasad Chandran -IndependentDirector
8 Mr Sumit Bose- IndependentDirector
9 Mr Ranjan Mathai- IndependentDirector
10 Dr. Jamshed J. Irani- IndependentDirector
11 Mr Ketan Dalal- IndependentDirector
12 Ms Bharti Gupta Ramola- Independent Director
13 Ms Vibha Padalkar- Managing Director & Chief Executive Officer
14 Mr Suresh Badami- Executive Director
15 Mr James Aird- Alternate Director to Mr Norman Keith Skeoch
16 Mr Rushad Abadan- Alternate Directorto Sir Gerry Grimstone
