Page 16 - Insurance Times June 2024

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down as the Chairman and Non-
Bandhan Life to hire 1,000 in new avatar Executive Director of the HDFC Life
Bandhan Financial Holdings has renamed Aegon Life Insurance to Bandhan Insurance Company with effect from
Life after acquiring the life insurer. As part of its growth strategy, the new April 18.
company has charted a five-year plan to become a multi-channel life insurer.
The board unanimously approved the
It will recruit 1,000 new employees soon. BFHL acquired its stake from BCCL
appointment of Keki M Mistry as the
and Aegon Indian Holding to become the new promoter in Feb 2024.
Chairman of the board. Mistry has
Bandhan Life's MD and CEO, Satishwar B, said, "Our vision for the next five been associated with the company
years is set... We will expand our presence across all relevant product since December 2000 and is currently
categories, thereby enhancing the services we provide." He added, "We a Non-Executive Director on the board.
have heavily invested in technology and data-driven processes to keep pace "Being the founder Chairman of our
with our strategy of using tech as an enabler. This combination will help us
company, Parekh has been
achieve our goal of growing with the new Bharat."
instrumental in guiding and nurturing
In the beginning, Bandhan Bank is likely to be the largest distribution partner the company over the past 24 years.
given their size and scale. It has a presence in all customer categories, We thank Parekh for the immense
including mass customers as well as conventional banking customers, said contributions made by him," the
Satishwar. "While we are largely a digital company, we are not restricting company said in a statement. Parekh
sales to online. In our distribution through partners, a majority of the was the Chairman of HDFC Ltd which
processes are tech-enabled, so once the customer knows what they want merged with HDFC Bank a year ago.
to buy, the rest of the process happens fast," he said.

First-year premium of life
Life insurers' new business insurance policies in a year.
The industry showed a growth of 19 insurers up 2% at Rs.
premium grows 61%
per cent in the number of policies sold 3,77,960 crore in FY24
Life insurance industry reported a in individual single plans and 10 per
61.23 per cent jump in new business The first-year premium, or new
cent growth in individual non-single
premium (NBP) at Rs 20,258.86 crore plans, the data showed. business premium, of life insurers
in April 2024, as against Rs 12,565.31 increased 2 per cent to Rs. 3,77,960
During the month, around 49,205 life
crore in the same period of last year. crore in the financial year ended
insurance agents were added. March 31, 2024, per the Insurance
The growth in NBP was mainly due to
group single premium which rose over Parekh steps down as Regulatory and Development
126 per cent, according to the recent HDFC as HDFC Life Authority of India.
data released by the Life Insurance The first-year premium or new business
Council. New business premium is the chairman premium of life insurers increased 2 per
premium earned by issuing new Deepak Parekh has decided to step cent to Rs. 3,77,960 crore in the

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