Local office to focus on fulfilling NRI needs and develop new products catering to Indian expats
January 25, 2012; Dubai, UAE - HDFC Life, one of the leading private life insurance companies of India, today announced the launch of its 1st international operations with the opening of its representative office in Dubai.
Addressing the Press Conference, Mr. Anup Rau, Executive Vice President and Head, Sales and Distribution, HDFC Life said, "HDFC life is a preferred and trusted brand in India and has diverse product portfolio catering to the different life stage needs of an individual. The launch of our operations in Dubai is the beginning of HDFC Life's expansion into the region. The vast NRI population would be able to closely understand the benefits of HDFC Life's wide ranging product portfolio catering to their protection, investment and savings, and retirement needs. The objective of this office would be to serve our existing policy holders and further understand their financial needs better."
"We believe that the need for life insurance - either protection or saving -is universal, irrespective of market conditions. Everyone has a need, be it protection of income from unforeseen events, protection from loan liability, planning for future savings requirements, pension requirement or cover for medical exigencies. With a strong brand proposition, well balanced product portfolio, need-based selling approach, long-term investment philosophy, and above all a strong lineage, HDFC life aims to successfully establish its presence in the region within the next few years," he added.
Commenting on the strategy and reasons for international expansion, Mr. M.I. Taher, Vice President and Head, International Business - HDFC Life said, "GCC is an important region for our growth and UAE with a large NRI population base, is key to this growth, hence it was of prime importance to open office in Dubai. The objective of our operations in Dubai is the first step towards understanding the Gulf market, the customer segments, apart from serving our existing policy holders and further understanding their financial needs. Our presence in this region will help us research the market better and devise new products catering to the specific needs of the NRI's here."
HDFC Life is promoted by two strong brands - HDFC Ltd and Standard Life plc. HDFC Ltd's excellent brand strength emerges from its unrelenting focus on corporate governance, high standards of ethics and clarity of vision. Standard Life is a leading provider of financial services in the UK. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others.
HDFC life's Key achievements:
1. Sound Premium Income Growth: Registered 16% growth in premium income and ranked #1 in individual and 2nd in overall businesses
2. Robust Renewal Income: High quality of existing policies & continuous focus on persistency lead to 38% increase in renewal premium
3. High Market share: 14% in overall business and 15% in individual business makes the company a very strong number two in the private space
4. Decreasing expenses: Operating expenses have come down by a huge 32% vis-à-vis last year same period (operating expenses ratio stood at 11.9% compared to 20.2%)
5. High Conservation ratio: It stood at 81% (individual business) and Assets under management has grown by 13%
6. Capital infusion has scaled down significantly with no infusion this year so far
(All figures are as on H1, 2011-12 and all references of growth are in terms of Weighted Received Premia. Weighted Received Premium is the sum of first year premium and 10% weighted single premiums and single premium top-ups)
7. Product Innovation
Indian Insurance Awards 2011Won the 'Best Product Innovation Award 2011 - Life Insurance' for the product 'HDFC SL Crest' at the Indian Insurance Awards 2011. 'HDFC SL Crest' has also been rated as the best available in its category by Economic Times
Young Star Super voted 'Product of the Year 2010' in the 'Insurance' category by more than 30,000 consumers nationwide across 36 markets in a consumer study on product innovation in India conducted by A C Nielsen. YoungStar Super is HDFC Life's flagship Children Plan with unique benefits such as bumper additions and double and triple benefits
8. Human Capital
Best Companies to Work for in India in 2011 for the second consecutive year. The company ranked first in the insurance category.
Asia Best Employer Brand Awards 2011
Golden Peacock HR Excellence Award 2011 in the 'Banking Financial & Insurance Sector.' This award acknowledges HDFC Life's efforts towards innovative people management processes and talent engagement and development initiatives in the highly dynamic Indian life insurance industry.
9. Customer Trust
a. 'India's Most Trusted Private Life Insurance Brand' in the 'Most Trusted Brand' Survey 2010, conducted by Economic Times Brand Equity and the Nielsen Company for the second consecutive year
b. Outlook Money Best Life Insurer Award Runners Up in the 'Best Life Insurer' Category. HDFC Life occupied the second slot on account of three factors disclosures, performance and customer loyalty. It scored high on parameters like reach, product innovation and regulatory compliance.
Notes to Editor:
HDFC Life, one of India's leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others.
HDFC Life's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 29 retail and 9 group products in its portfolio, along with 10 optional riders catering to the savings, investment, protection and retirement needs of customers.
HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches servicing customer needs in over 700 cities and towns. The company has a strong presence in its existing markets with a strong base of Financial Consultants.
For more information, please visit www.hdfclife.com.
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Email: anuroopa@pulse360me.com
© Press Release 2012
