AUM of HDFC Life insurance grows by 31%

The life insurance player registered 26% growth in individual new business

Mumbai: HDFC Life Insurance has reported 31% growth in AUM to Rs. 27,177 crore from Rs. 20,767 crore over the last financial year. It also registered a growth of 26% in individual new business (Rs. 3488 crore from Rs. 2753 crore in FY09-FY10) and 29% growth in total premium (Rs. 9004 crore from Rs. 7005 crore) last fiscal.

“Our proactive efforts on gearing up the organization to face challenges in the market reflect in the early signs of adapting well to the new regime. We ranked 1^st in H2 FY2010- 11 in individual business in the industry and we are one of the very few private insurers to achieve positive growth in FY2010-11. Our consistent focus on creating awareness about life insurance as long-term financial instruments has resulted in our customers exhibiting renewed focus on life insurance reflected in our high conservation ratio of 81%,” said Amitabh Chaudhry, MD& CEO, HDFC Life.

It also reported 36% increase in renewal premium. The company has been focusing on reducing the operating expense ratio for last 3 years, says a company release. Bancassurance channel of distribution contributed 66% of the total premium collection and 31% was contributed by other distributors.