HDFC Standard Life Insurance Company, the first private life insurer to set up a shop in India, expects to break even in the financial year 2012, helped by a rise in premium incomes and a reduction in operational expenses, it’s MD and CEO Amitabh Chaudhry said on Wednesday.
A joint venture between India’s leading housing finance institution HDFC Limited and Britain’s Standard Life Plc, the insurer offers a range of individual and group insurance solutions. HDFC Standard Life’s product basket comprises Health plans, Pension plans, Protection plans, Investment plans, Savings, and Money back plans.
With a product portfolio of 32 retail and 4 group products, along with five optional rider benefits, policyholders have the liberty to customize policies as per their individual needs.
HDFC Standard Life has earned the 3rd spot among the 22 private life insurance players, for new business premium collections of Rs 4065.4 crores in FY 2010-2011. Even so, the insurer has not been profitable since its launch. The company posted a net loss of Rs 990 million (USD 22.3 million) in the fiscal year that ended on March 31.
Since the opening up of the insurance gates in 2000 for private companies, insurance penetration still remains a concern among insurers in India. Industry veterans however are hopeful about the future in an underinsured yet booming economy.
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