Last year, insurance regulator brought in several new rules to enhance the sector’s competitiveness. to make the sector more competitive. Amidst the disruption, HDFC Life Insurance remained among top insurers on different metrics. It also completed the merger of Exide Life Insurance, the first in the life insurance segment. “When I look at past 12 months, my training as a chartered accountant helped me absorb a lot of data and information being generated,” says Vibha Padalkar. Gross premiums stood at ₹57,533 crore in FY23 against ₹45,963 crore last year. Market share grew 200 bps to 15% between FY19 and FY23. In group business, it maintained its pole position among private insurance players and captured more than 25% market share. Among key customer-centric initiatives, Padalkar launched KlarifyLife, a digital education and awareness programme to simplify life insurance, and Life Rewards, a health and wellness platform. HDFC Life also became the first life insurance company to open a branch in GIFT City. “We aim to enable NRIs and global Indians with US dollar-denominated life and health insurance plans. It will give customers flexibility in creating corpus in currency of their future expenses,” says Padalkar.
HDFC Life Insurance reported a 15.4% rise in net profit in quarter ended June to ₹415 crore. Net premium income rose 16.6% YoY to ₹11,479 crore. —Aprajita Sharma — Aprajita Sharma