Page 16 - Insurance Times JUNE 2022

"For the next three to five years, the At the end of March 2022, HDFC Life's HDFC Life becomes
aim is to shore up our topline and total annualised premium equivalent
Signatory to United
distribution footprint. That would be (APE), which is the sum of the
through a combination of proprietary annualised first-year regular premiums Nations - Supported
channels like agency, group, online and and 10% weighted single premiums,
Principles for Responsible
also inorganic play," said Vighnesh grew 17% to 9,758 crore from 8,372
Shahane, Managing Director and CEO, Investment
crore a year ago. Total new business
Ageas Federal Life Insurance.
premium, which indicates the fresh HDFC Life recently signed up for the
IDBI Bank contributed to about 50 business the company has UN-supported Principles for
percent of the topline through its underwritten, increased 20% to 24,155 Responsible Investment (PRI),
distribution, Shahane said, adding that crore in March 2022 from 20,107 crore epitomising its objective of sustainable
over the last three years, it had a year ago. growth and long term value creation.
stopped selling the insurer's products.
HDFC Life claims a market share of HDFC Life is committed to following
The private sector life insurance is 9.3% in the individual segment the principles of Responsible
hopeful that with the open measured by the weighted received Investment (RI). The Company believes
architecture policy of the IRDAI, it will premium (WRP). The company covered that as an active asset manager for
be able to find a banking partner. 54 million lives in FY22, registering an policyholders, who have entrusted
their savings with HDFC Life, it is the
"The inorganic opportunity would be in increase of 36% over FY21.
Company’s fiduciary responsibility to
terms of a partnership or joint venture
generate optimal risk adjusted returns
with a bank for distribution," Shahane PolicyBazaar rejigs its top
over the long term. This objective can
told.
deck be served by following the RI approach
which includes core stewardship
PolicyBazaar, has elevated cofounder
HDFC Life posts 13% rise principles and consideration of
and chief financial officer (CFO) Alok
in March Quarter net Bansal to executive vice chairman and environmental, social and governance
(ESG) factors in addition to financial
HDFC Life's net profit increased 13% to has invested further in its insurance
parameters and outlook, while making
358 crore in the quarter ended March broking arm, it said in a stock
investment decisions. This framework
2022 from 318 crore a year ago, led exchange filing.
complements HDFC Life’s philosophy of
by higher premium income and
Bansal will step down as CFO on May achieving sustainable growth. The
business margins even as expenses
2 and will be succeeded by Mandeep Company currently has Assets Under
remained high.
Mehta, former executive vice Management of over Rs. 2 lakh crores.
Premium income net of reinsurance
president of finance at Max Life
Commenting on the development,
increased 11% to 14,290 crore in the
Insurance. Manoj Sharma, another
Vibha Padalkar, MD & CEO - HDFC Life,
quarter from 12,868 crore a year ago.
cofounder of PolicyBazaar who was
said, “We are pleased to announce our
Total expenses including commissions
earlier the director of finance, has
association with the PRI. We endeavour
increased 15% to 2,430 crore in the
been elevated to deputy chief financial
quarter from 2,108 crore a year ago. to grow holistically and sustainably by
officer as of April 26.
continuing to invest in the five pillars of
CEO Vibha Padalkar said the higher
Bansal will now lead inorganic growth our ESG strategy, namely - ethical
expenses were linked to the growth
and investment opportunities for the conduct, responsible investing, diversity,
the company has seen over the year.
PolicyBazaar group while managing its equity & inclusion, holistic living and
She expects the momentum to
investor relations. sustainable operations.
continue even in the current fiscal.
The company also informed the As a steward for responsible investment,
"Despite the pandemic, we have
grown at a compounded rate of 17%. exchanges that Sharat Dhall, chief we have been actively applying the ESG
We are reasonably confident that this operating officer of its direct insurance approach in our investment decisions.
momentum will continue riding on broking arm, Policybazaar Insurance Our alliance with the PRI will further
economic growth as demand for Brokers, has resigned from the enable us to streamline our responsible
savings and investments will remain company and that Kheadup Dorji investment framework as well as adopt
and share the industry and global best
strong despite headwinds like Bhutia is being elevated to chief sales
practices.
inflation," Padalkar said. officer.
16 The Insurance Times, June 2022