HDFC Standard posts 132% growth in new business premium

HDFC Standard Life, part of the Rs 30,000-crore HDFC group, achieved a new business premium of nearly Rs 486 crore in the fiscal ended March 31, 2005, as compared to Rs 232 crore in the previous year, registering a growth of 132 per cent.

Total premium of HDFC Standard Life stood at Rs 687 crore in the 2004-05 fiscal, up from the previous year's Rs 298 crore. The average premium amount garnered was Rs 17,000 crore while the cumulative sum assured for all polices issued in 2004-05 crossed the Rs 30,000-crore mark.

HDFC Standard Life currently has more than 5,00,000 individual policyholders and more than 100 corporate customers. With offices in more than 100 locations, HDFC Standard Life continues to have one of the widest distributions among the new life insurance companies.

HDFC Standard Life is a joint venture between HDFC and Standard Life Insurance Company of Europe. While HDFC currently manages more than Rs 30,000 crore in assets, Standard Life has over $100 billion worth of assets under management.