| The company aims to end the fiscal 2004-05 with a premium income of Rs 400 crore, up 72 per cent from last year's Rs 232.5 crore. The premium income collected so far this year stood at Rs 312 crore. |
| "About 45 per cent of the life insurance business happens in the fourth quarter and the month of March takes a majority of that share. We still have a fortnight to go and expect to end the fiscal with Rs 400 crore," M Suresh, general manager, sales, HDFC Standard Life, said on Tuesday. |
| The company also plans to reach out to 150 locations by May from 100 branches at present. |
| The company is a joint venture between HDFC and Standard Life Insurance. While HDFC holds 81.4 stake in the venture, Standard Life owns 18.6 per cent. |
| Suresh said that though the average growth rate for private life insurance companies has been 130 per cent for the period between April 2004 and January 2005, his company has outperformed them all. |
| "HDFC Standard Life has maintained the growth of 150 per cent for this period, which means that we are growing faster than other private life insurance companies," Suresh revealed. |
| He added that, while the retail business still continues to account for a major chunk of the company's business, HDFC Standard Life aims for a greater share of its business from bank assurance. |
| At present about 60 per cent of its business comes from the retail segment, 30 per cent from bank assurance and the remaining business comes from group insurance. |
| The company has tie ups with Saraswat Bank, Indian Bank, Union Bank of India and HDFC for bank assurance. |
| Suresh said the company sees its Disha programme, where HDFC Standard Life has been equipping sales personnel with need-based selling techniques, the 'respect yourself' campaign and the rapid expansion of the distribution network as drivers for growth. |
| On track |
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