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HDFC Life Insurance
About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .
HDFC Life on Friday reported a 15 per cent increase in net profit to Rs 315 crore for the third quarter ended December. The private sector insurer's profit stood at Rs 274 crore in the year-ago period, it said in a regulatory filing. Total income increased to Rs 19,693 crore in the latest December quarter from Rs 14,222 crore in October-December 2021. The company's solvency ratio too improved to 209 per cent from 190 per cent as on December 31, 2021. The regulatory requirement is 150 per cent. For the nine months period ended December, the life insurer posted a profit Rs 1,001 crore as against Rs 850 crore in the corresponding period a year ago.
A day after insurance regulator Irdai's final approval, HDFC Life Insurance on Friday announced completion of Exide Life merger. This marks the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector, HDFC Life said in a statement. HDFC Life had completed the acquisition of Exide Life in January 2022. The entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months, it said. "Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos," it said. This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets, it ...
The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance. The Scheme of Amalgamation was approved by the Mumbai bench of NCLT, HDFC Life Insurance said in a regulatory filing. Earlier this year, HDFC Life had announced acquisition of 100 per cent stake in Exide Life from its parent Exide Industries after issuing over 8.7 crore shares at an issue price of Rs 685 and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore. Exide Industries now holds 4.1 per cent stake in HDFC Life. The Scheme of Amalgamation is subject to the final approval of the Insurance Regulatory and Development Authority of India (IRDAI), it added.
Shares of HDFC Life Insurance Company settled for the day with gains of over 1 per cent after the UK-based investment company Abrdn said it is planning to sell 4.3 crore shares in the private sector insurer through block deal. Abrdn is planning to sell up to 4.3 crore shares, representing 2 per cent of HDFC Life's outstanding shares through a block deal to raise over Rs 2,425 crore. On BSE, HDFC Life stock opened at Rs 601, and touched an intra-day high of Rs 606 and a low of Rs 585.35 during the trading session. The stock finally settled at Rs 586.90, up 1.21 per cent from its previous closing price. At the end of Tuesday's trading session, the market capitalisation of HDFC Life Insurance Company stood at Rs 1,24,027.23 crore. On the NSE, shares of the company opened at Rs 605 apiece, and finally ended the day at Rs 586.50, higher by 1.37 per cent from its previous closing price. The 30-share Sensex rose 455.95 points or 0.76 per cent to close at 60,571.08 points. The broader Ni