HDFC Standard Life to focus on consolidation

Last Updated: Wed, May 06, 2009 10:41 hrs

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.

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"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.

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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.