Hdfc Standard To Raise Equity By Rs 80 Crore

The promoters of HDFC Standard Life Insurance Co Ltd will prop up its equity by an additional Rs 80 crore this year to meet the solvency norms for its targeted business growth. The equity base of the company at present stands at Rs 218 crore.

HDFC Insurance has emerged the number two among private insurers after ICICI Prudential and has targeted fresh premium income of Rs 300 crore in 2003-04 with a total sum assured value of Rs 2,60,000 crore.

It expects to sell around 3 lakh policies this year, while it has already sold 47,000 policies in the first quarter.

 

As much as 15 per cent of its new premium income is expected to come from bancassurance and corporate agents route while the rest will be from agents.

The share of premium income from the bancassurance route is likely to rise to 30 per cent in the next couple of years.

This was because the company was actively working on designing products to be sold specifically through the banks.