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HDFC Life
Indian life insurance company From Wikipedia, the free encyclopedia
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HDFC Life Insurance Company Limited, doing business as HDFC Life,[4] is an Indian life insurance company, headquartered in Mumbai. The company offers individual and group insurance services, and was incorporated in 2000.[5][6]
 | This article contains promotional content. (January 2021) |
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The Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business on 23 October 2000, becoming the first private sector life insurance company in India.[7][6] The company was a joint venture between Indian housing finance institution HDFC and UK-based investment company Standard Life (now Abrdn).[5]
In 2016, Standard Life increased its stake in HDFC Life from 26% to 35%. In the same year, HDFC Life established its first international subsidiary in the UAE called HDFC International Life and Re.[6]
By 2017, it was the country's third-largest private sector life insurance company[6] with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned.[8][9] It was the second largest private pension fund management company in India in terms of assets under management and subscribers in 2017.[6][10][6]
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