Mumbai: HDFC Standard Life Insurance's focus in the current fiscal would be more on consolidation of its business rather than expansion, a company official said on Thursday.
"Last year, we did expansion across our business, but during this fiscal we will focus on consolidation and greater penetration,'' HDFC Standard Life Insurance Executive Vice- President and Head (Marketing) Sanjay Tripathy told PTI here.
HDFC Standard Life is a joint venture company between mortgage lender HDFC and the UK-based Standard Life Plc.
In 2008-09, the company generated a total premium income of Rs 5,564.69 crore against Rs 4,858.56 crore in FY-08, registering a year-on-year growth of 15 per cent. Its renewal premium also saw a growth of 34 per cent at Rs 2,913.58 crore for the fiscal as compared to Rs 2,173.19 crore in the previous year.
The company's Effective Premium Income (EPI) in respect of retail business increased by five per cent, growing from Rs 2,425 crore in 2007-08 to 2,552 crore in 2008-09. HDFC Standard Life tracks its new business premium on the basis of EPI which is calculated by giving only a 10 per cent value to a single premium policy.