HDFC Life registers highest growth in individual new business in 2010-11
Posted on: 04/May/2011 7:22:04 AM
HDFC Life, one of India�s leading private life insurance companies, registered highest growth of 26% in individual new business (regular and single) among the top 5 private life insurance players in 2010-11. HDFC Life recorded 36% growth in renewal premium and 29% growth in total premium in the financial year 2010-11.
Announcing the company�s financial results, Mr. Amitabh Chaudhry, MD& CEO, HDFC Life, said, �I am extremely satisfied with our performance in 2010-11. In spite of significant challenges in the market, we responded extremely well and demonstrated significantly better traction than our competitors. Our proactive efforts on gearing up the organization to face challenges in the market reflect in the early signs of adapting well to the new regime. We ranked 1st in H2 FY2010- 11 in individual business in the industry and we are one of the very few private insurers to achieve positive growth in FY2010-11. Our consistent focus on creating awareness about life insurance as long-term financial instruments has resulted in our customers exhibiting renewed focus on life insurance reflected in our high conservation ratio of 81%.�
Key Financial and Operational Highlights (2010-11):
- Robust growth of 29% in total premium income to Rs. 9004 crore from Rs. 7005 crore in 2009-10
- 26% growth in individual new business (regular and single) to Rs. 3488 crore from Rs. 2753 crore in 2009-10
- High quality of existing policies & continuous focus on persistency lead to 36% increase in renewal premium of Rs. 4924 crore from Rs. 3627 crore last year
- Strongest market share gain of 4.2%* in private space in 2010-11 over same period last year; Market share increased to 12.9% in private space in 2010-11 from 8.7% in 2009-10; Overall market share increased to 5.9% in 2010-11 from 4.6% in 2009-10
- With growth of 1.6%* in H2, 2010-11, stood first in the industry in individual business; Stood 3rd in the private space in 2010-11 in total premium
- Conservation ratio (individual business) improved substantially to 81% in 2010-11 from 72% in 2009-10
- 31% growth in Assets Under Management over March 31, 2010 to Rs. 27,177 crore from Rs. 20,767 crore same period last year
- Solvency ratio as on March 31st, 2011 was 172% as against regulatory requirement of 150%
- Claim repudiation ratio for FY 2010-11 is 3.97%, which means we have settled 96.03% claims
- Distribution mix - 66% from Banassurance, 31% from Agency and rest from others including Direct Sales
