VIBHA PADALKAR, took over as MD and CEO of HDFC Life Insurance in September 2018. At the end of FY19, the insurer had assets under management (AUM) of ₹1.25 lakh crore. In June 2024, they crossed ₹3 lakh crore, a growth rate of 140%. “It reflects the trust our policyholders place in us and our robust investment strategies,” she says. HDFC Life reported a consolidated net profit of ₹1,574 crore in FY24, 15% more than ₹1,368 crore in FY23. It was 23.2% up from ₹1,277 crore in FY19. The insurer saw an healthy 11% growth in individual policies, surpassing the private sector’s 9% growth, in FY24. “It was challenging to grow the number of policies amid a lower average ticket size. It required innovative strategies, shift in sales approach and broadening our distribution network,” says Vibha, who integrated Exide Life Insurance into HDFC Life after the acquisition in 2022. This added around ₹19,000 crore to AUM and helped the company improve agency business from 14% to 18% of the mix. “In FY24, we partnered with Karnataka Bank and Karur Vysya Bank. We added more than 80,000 agents during the year to build a robust proprietary franchise,” she says. However, the growth was fraught with challenges. “Navigating the new tax regulations was a challenge, requiring significant adjustments in financial planning and compliance procedures,” she says. — Rashmi Pratap