Financial Daily from THE HINDU group of publications
Tuesday, Feb 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 14, 2006 |
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Money & Banking
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General Insurance HDFC Standard grows 150% in April-Dec 2005 Our Bureau
Mumbai , Feb. 13 HDFC Standard Life has registered a growth of 150 per cent for the period April-December 2005 compared to the same period last year. According to a press release, HDFC Standard Life's new business premium grew to Rs 598.7 crore during this period. For individual business, volume measured by the number of policies sold witnessed an 80-per cent growth, from under 125,000 in the previous first half to over 220,000 in the first half of 2005-2006. The average effective premium, on the other hand, increased to Rs 28,000, from approximately Rs 15,000. Mr Deepak Satwalekar, Managing Director and CEO, HDFC Standard Life, said, "Our endeavour to provide high quality insurance solutions to customers through quality pre-sales advice, based on a sound need-based solutions approach, and post-sales service has started to pay off." The corporate agency and bancassurance channel currently accounts for over 45 per cent of the company's business.
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