HDFC Standard Life Insurance Company today reported a 112 per cent year-on-year growth in first year premium income in 2005-06 as its average premium increased by 62 per cent to Rs 27,500. |
The life insurer's first year premium income in 2005-06 increased to Rs 1,029 crore from Rs 486.15 crore a year earlier. Total premium income, including renewals, rose by 129 per cent to Rs 1,532.21 crore in 2005-06 from Rs 668.40 crore a year earlier. |
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HDFC Standard Life was the first private company to start operations after the government opened up the sector to private sector over five years ago. |
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The number of lives covered by HDFC Standard Life through individual policies rose 32 per cent to 1.62 million individuals. |
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Corporate agency and bancassurance channel currently account for 43 per cent of the company's business. |
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Deepak Satwalekar, managing director, said the strategy to concentrate on activating a limited number of bancasurance partners rather than going in for signing up a large number of banks in the early years has also paid off. |
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HDFC Standard Life's offerings of employee benefit solutions, to the corporate sector, through group business, have met with increased success. |
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Satwalekar said "our excellent fund performance on retirement products and increase in our client base with 150 clients cutting across a spectrum of industries spanning from multinationals to PSUs to the older business houses, have been the highlights of the year." |
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