Financial Daily from THE HINDU group of publications
Tuesday, May 17, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 17, 2005 |
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Money & Banking
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Life Insurance HDFC Standard Life posts 132 pc rise in new business premium Our Bureau
Mumbai , May 16 HDFC Standard Life has reported a 132 per cent increase in new business premium at Rs 486 crore for the year ended March 2005. Total premium income of the company for the year was Rs 687 crore, up from the earlier year's Rs 298 crore. Unit Linked Products accounted for 50 per cent of the new business premium. The average premium was Rs 17,000 and the cumulative sum assured for all the policies issued last financial year crossed Rs 30,000 crore. HDFC Standard Life has also tracked its New Business Premium on the basis of Effective Premium Income (EPI), calculated by giving only a 10 per cent value to a Single Premium policy. Based on this, bancassurance has contributed to 37 per cent of the premium income and group business has contributed Rs 32 crore. According to a press release, Mr Deepak Satwalekar, Managing Director & CEO, HDFC Standard Life said, "Our investment philosophy and cost consciousness will help us in providing good long-term growth to policyholders."
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