WITH A WEALTH of experience and a visionary approach, Vibha Padalkar, MD & CEO of HDFC Life, has been instrumental in shaping the insurer’s success amid an evolving market landscape. In an interaction with Business Today, she talks about strategic insights, innovative initiatives, and reflects on HDFC Life’s performance in FY24. Edited excerpts:
How has HDFC Life performed in FY24?
Despite changes in the Budget, we delivered a healthy growth of 20% in Q4 after adjusting for the one-off business of ? 1,000 crore in March 2023. We achieved our aspiration of double-digit growth for a full year by clocking 11% growth in FY24 on a normalised basis. We achieved individual Annual Premium Equivalent (APE) growth of 1% on an unadjusted basis. Growth momentum continued across ticket sizes of up to ? 5 lakh with robust growth of 19% for the full year. Tier II and III markets recorded growth of 13%. The number of policies for the year has increased by 11%.
The two subsidiaries are doing well. The pension subsidiary, which is wholly-owned, has crossed ₹75,000 crore of assets under management (AUM), and our Dubai subsidiary (HDFC International Life & Re) was the first one to set up its branch in GIFT City, and two products have already been launched. One is a dollardenominated student savings plan, and the other one is a dollar-denominated health plan.
Why were there margin pressures this year?
This story is from the May 12, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 12, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Dark Side Of Gold Loans
There Has Been A Sharp Rise In Gold Loans In Recent Years. But There Is A Seedier Side To This, As Is Evident From The Red Flag The RBI Raised Recently. Will The Regulator's Move Protect Customers?
All That Glitters
The price of gold has been rising unabated. It has soared to more than 73,000 per 10 gm in 2024 from *31,000 in early 2018. Is the rally sustainable or is this a bubble?
"Hire for attitude, not ability"
Thryve Digital is a player in the healthcare technology sector delivering next-generation solutions
Road Warrior
For Khalid Wani, Senior Director of Sales at Western Digital India, life is much more than just the corner office. Biking across the world is one way he derives meaning for his life
WIDENING THE POOL
THERE HAS BEEN A JUMP IN INDIVIDUALS INVESTING DIRECTLY IN THE STOCK MARKETS, BUT MUMBAI AND AHMEDABAD STILL ACCOUNT FOR THE LION'S SHARE. THERE DEFINITELY IS SCOPE FOR IMPROVEMENT IN TERMS OF PENETRATION LEVELS ACROSS THE COUNTRY
CRISIS IN THE CLOUDS
INDIAN AVIATION IS IN CRISIS. AIRLINES ARE GRAPPLING WITH FLIGHT CANCELLATIONS, CREW SHORTAGES, AND COMPLAINTS ABOUT POOR SERVICE, ARE BLEEDING DUE TO RISING COSTS WILL THE FASTEST-GROWING AVIATION MARKET RECOVER?
"India should start privatising public sector banks"
Arvind Panagariya, Chairman of the 16th Finance Commission, on growth, inequality, jobs, the banking sector, and more
"I LET MY WORK DO THE TALKING"
Megha Engineering & Infrastructures MD P.V. Krishna Reddy on being low profile, the infra opportunity and much more
"Core of insurance lies in long-term security"
Vibha Padalkar, MD & CEO of HDFC Life, on the insurance provider's performance, surrender charges, and future innovations
Distress in the Books
Bandhan Bank, the brainchild of Chandra Shekhar Ghosh, has made the journey from an MFI to a bank, but with many hurdles. Now with his resignation as MD & CEO, is the lender staring at more uncertainty?
