MOSL: THE CORNER OFFICE (HDFC Standard Life Insurance) — Business momentum strong-Operating metrics continue improving
THE CORNER OFFICE (HDFC Standard Life Insurance) — Business momentum strong; Operating metrics continue improving
Ms Vibha Padalkar, MD & CEO
Ms Vibha Padalkar is MD & CEO of HDFC life Insurance Company Ltd. since September 12, 2018 and also serves as its interim CFO. She joined HDFC life in August, 2008. Prior to her appointment, she has worked in varied sectors such as Business Process Outsourcing (WNS Global Services), FMCG (Colgate Palmolive (India) Limited) and Big 4 audit firm (Lovelock & Lewes (part of PWC). She leads the finance, legal, secretarial and compliance, internal audit and risk functions as well oversight of pension subsidiary, HDFC Pension. Ms Vibha qualified as a member of the ICAEW in 1992. She is also a member of the Institute of Chartered Accountants of India. ICAI
We met CEO of HDFC Life Insurance Company. Key takeaways:
Product mix to improve led by rising contribution of Non-participating business: HDFCLIFE expects ULIP’s share in the overall mix to moderate (after increasing in 2QFY19) and the contribution from other segments to increase. This bodes well for the company from a mix improvement perspective. The strategy to substitute Participating with Non-participating business has proved beneficial for HDFCLIFE. Annuity has emerged as a profitable segment, offering steady growth opportunity. HDFCLIFE has been able to maintain its lead because of its strong brand name, product features and customer service. The company fully hedges its annuity exposure, and thus, is not vulnerable to interest rate movements.
Bancassurance count increasing steadily; dependency on group declining: HDFCLIFE has signed up with 201 partners for offering its credit protect product. The company sees further scope to improve upon its loan penetration and credit protect attachment rate. The recent NBFC turmoil has impacted growth in credit-linked products, but HDFCLIFE’s focus on diversifying the origination mix is helping maintain steady growth. The share of the credit protect business from NBFCs other than parent has increased to ~70%.
HDFC Life Insurance Company Ltd, formerly HDFC Standard Life Insurance Company Limited, is a life insurance company. The Company provides various individual and group insurance solutions across India. It offers a range of life insurance plans, such as term insurance plan, women's plan, health insurance plans, child education plans, unit linked insurance plans (ULIPs), and savings and investment plans. It operates through 13 segments: Participating Life (Individual & Group), Participating Pension (Individual & Group), Participating Pension Group Variable, Non Participating Life (Individual & Group), Non Participating Pension (Individual & Group), Non Participating Life Group Variable, Non Participating Pension Group Variable, Non Participating - Annuity, Non Participating - Health, Unit Linked - Individual Life, Unit Linked - Individual Pension, Unit Linked - Group Life and Unit Linked - Group Pension. It has approximately 410 branches in over 900 cities and towns in India.
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