We will hike the capital by over Rs 80 crore this fiscal. At present the capital is at Rs. 218 crore, HDFC Standard Life CEO, Deepak Satwalekar, told PTI here.
HDFC Standard Life along with Reliance General and Royal Sundaram were the first three companies to receive licence from regulator Irda in 2000. HDFC Standard Life, promoted by Housing Development Finance Company and American insurer Standard Life, started with a paid-up capital of Rs 168 crore. The company intends to hike capital to sustain growth in business and comply with solvency norms prescribed by Irda. We are targeting Rs 300 crore in premium income this fiscal compared to Rs 132 crore last fiscal, which translates to 127 per cent growth, Mr Satwalekar said.
HDFC Standard Life, which is at the number two position so far, targets to become the leading private life insurer in the next five years, he said.
ICICI Prudential Life Insurance is currently the number one private life insurer, followed by HDFC Standard Life, Tata AIG Life, Birla Sunlife, Allianz Bajaj and Max New York Life.
In the first quarter of this fiscal, ICICI Prudential mopped up Rs 70.24 crore in premium income, while HDFC Standard Life collected Rs 34.66 crore, Tata AIG (Rs 26.52 crore), Birla Sunlife (Rs 24.23 crore), Allianz Bajaj (Rs 18.19 crore) and Max New York Life (Rs 17.52 crore). The other private players OM Kotak Life, SBI Life, Aviva, ING Vysya Life, MetLife and AMP Sanmar Life could collect premium less than Rs 10 crore during first quarter.