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Bajaj Capital / 06:33 Nov 04,2017
Incorporated in 2000, HDFC Life was the first private life insurance company to register in India and were established as a joint venture between HDFC (one of India’s leading housing finance institutions) and Standard Life Aberdeen plc (one of the world’s largest investment companies), initially through its wholly owned subsidiary The Standard Life Assurance Company and now through its wholly owned subsidiary, Standard Life Mauritius
Their focus on creating a multi-channel distribution platform has resulted in the market share among private life insurers in India in terms of total new business premium increasing from 15.8% in Fiscal 2015 to 17.2% in Fiscal 2017, according to CRISIL. They believe that they offer an attractive value proposition for the distribution partners, as demonstrated by the longstanding, successful relationships with the bancassurance partners through corporate agency or master policyholder arrangements. Oldest bancassurance partner relationship was established in 2002. Their bancassurance partners include banks, non-banking financial companies, micro-finance institutions and small finance banks in India. The number of major bancassurance partners grew from 31 as at March 31, 2015 to 120 as at June 30, 2017. Their top 15 bancassurance partners (in terms of total new business premium sourced for the period 195 ended June 30, 2017) had over 11,200 branches across India as at June 30, 2017. They had 58,147 individual agents as at June 30, 2017, which comprise 6.1% of the all private agents in the Indian life insurance industry. They have a panIndia presence, comprising 414 branches and spokes across India as at June 30, 2017, supported by a dedicated workforce of 15,406 full-time employees.

They were the most profitable life insurer, based on Value of New Business (VNB) margin, among the top five private life insurers in India (measured on total new business premium) in Fiscal 2016 and Fiscal 2017, according to CRISIL. Besides consistently being among the top three private life insurers in terms of profitability based on VNB margin, they have also consistently been among the top three private life insurers in terms of market share based on total new business premium between Fiscal 2015 and Fiscal 2017, according to CRISIL. Total new business premium for Fiscal 2015, Fiscal 2016, Fiscal 2017 and the three months ended June 30, 2017, was Rs.54,921.0 million, Rs.64,872.2 million, Rs.86,963.6 million and Rs.16,652.0 million. Between Fiscal 2015 and Fiscal 2017, their annualised premium equivalent grew by a CAGR of 14.5%.

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