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HDFC Life Insurance Company Limited, doing business as HDFC Life,[4] is an Indian life insurance company, headquartered in Mumbai. The company offers individual and group insurance services, and was incorporated in 2000.[5][6]
 | |
| HDFC Life | |
| Company type | Public |
| |
| ISIN | INE795G01014 |
| Industry | Financial services |
| Founded | 2000 |
| Headquarters | Mumbai, India |
Area served | India |
Key people | Vibha Padalkar (MD & CEO) |
| Products | |
| Revenue |  ₹101,482 crore (US$12 billion)[1] (2024) |
| ₹531 crore (US$63 million)[1] (2024) | |
| ₹1,574 crore (US$190 million)[1] (2024) | |
| Total assets | ₹302,687 crore (US$36 billion)[2] (2024) |
| Total equity | ₹14,666 crore (US$1.7 billion)[2] (2024) |
| Parent | HDFC Bank (50.39%)[3] |
| Website | www |
History
editThe Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business on 23 October 2000, becoming the first private sector life insurance company in India.[7][6] The company was a joint venture between Indian housing finance institution HDFC and UK-based investment company Standard Life (now Abrdn).[5]
In 2016, Standard Life increased its stake in HDFC Life from 26% to 35%. In the same year, HDFC Life established its first international subsidiary in the UAE called HDFC International Life and Re.[6]
By 2017, it was the country's third-largest private sector life insurance company[6] with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned.[8][9] It was the second largest private pension fund management company in India in terms of assets under management and subscribers in 2017.[6][10][6]
References
edit- ^ a b c "HDFC Life Insurance Company Limited Consolidated Profit & Loss account, HDFC Life Insurance Company Limited Financial Statement & Accounts". www.moneycontrol.com. Retrieved 3 August 2020.
- ^ a b "HDFC Life Insurance Company Limited Consolidated Balance Sheet, HDFC Life Insurance Company Limited Financial Statement & Accounts". www.moneycontrol.com. Retrieved 3 August 2020.
- ^ "HDFC Life – One of the Best Life Insurance Companies in India". www.hdfclife.com. Archived from the original on 17 May 2021. Retrieved 9 December 2020.
- ^ "HDFC Standard Life Insurance is now HDFC Life Insurance". thehindubusinessline. Retrieved 25 January 2019.
- ^ a b "HDFC Life IPO opens today; 9 key things to know about HDFC group's first public offer in 22 years before you subscribe". The Financial Express. 6 November 2017. Retrieved 23 April 2021.
- ^ a b c d e f "HDFC Life Insurance Company Ltd". Business Standard India. Retrieved 23 April 2021.
- ^ "History of IRDA". IRDA. Retrieved 4 December 2013.
- ^ "HDFC Standard Life IPO: Here's All You Need To Know". BloombergQuint. 6 November 2017. Retrieved 23 April 2021.
- ^ Unnikrishnan, C. H. (4 January 2019). "HDFC Life: From Strength To Strength". BW Businessworld. Retrieved 14 May 2021.
- ^ "HDFC Life launches two pension plans in June". Money Control. 5 July 2013. Retrieved 4 December 2013.