The Hindu : HDFC Standard Life premium income up

Online edition of India's National Newspaper
Friday, May 09, 2003

Business

Business

HDFC Standard Life premium income up

MUMBAI MAY 8. HDFC Standard Life Insurance Company has reported a 260 per cent rise in the premium income at Rs. 132 crores for 2002-03 compared to Rs. 36 crores for 2001-02.

The company extended the life insurance cover to 1.5 lakh policyholders with cumulative sum assured crossing the Rs. 5,000-crore mark in 2002-03, the Managing Director and Chief Executive, Deepak Satwalekar, said in a release here.

"The exceptional growth in business in the past 12 months has been driven by rising expectations of the consumer,'' he said. "Looking at the growth trend, the joint venture partners — HDFC and Standard Life of U.K. — are likely to infuse additional capital this year,'' the company spokesperson said. The current capital base is pegged at Rs. 218 crores and any specific increase would be decided at the time of business review, he said. The group insurance business grew significantly in the year covering 22,000 lives for a sum assured of over Rs. 2,000 crores, it said.

The company Chairman, Deepak Parekh, said, "We declared reversionary bonus rates this year equal to the interim bonus rates declared last year.''

The long term interest rates have declined by over one per cent and in recognition of this fall, the company reduced interim bonus rates this year, Mr. Parekh said. "Unless there is a recovery in long term rates, reversionary bonus rates will also have to be reduced in future years,'' he added.

— PTI

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