HDFC Standard Life new business premium rises 132 per cent
Our Banking Bureau
17 May 2005
Mumbai: HDFC Standard Life has reported a 132 per cent increase in new business premium at Rs486 crore for the year ended March 2005.
Total premium income of the company for the year was Rs687 crore, up from the earlier year's Rs298 crore.
Unit Linked products accounted for 50 per cent of the new business premium. The average premium was Rs17,000 and the cumulative sum assured for all the policies issued last financial year crossed Rs30,000 crore.
According to a press release, Deepak Satwalekar, managing director and CEO, HDFC Standard Life said, "Our investment philosophy and cost consciousness will help us in providing good long-term growth to policyholders."