Company Overview of HDFC Standard Life Insurance Co., Ltd.
HDFC Standard Life Insurance Company Limited offers a range of individual and group insurance solutions in India. It provides various insurance plans, including protection, savings and investment planning, health, group, child insurance and child education, women’s, ULIPs, and term insurance plans, as well as pension plans for retirement planning and rural policies. HDFC Standard Life Insurance Company Limited serves its customers through a distribution network of approximately 450 branches covering 961 cities, as well as 95,000 financial consultants, 3 bancassurance partners, and 10 pan-India brokers and corporate agency tie-ups. The company was founded in 2000 and is based in Mumbai, India...
12th and 13th Floors
Apollo Mills Compound
NM Joshi Marg, Mahalaxmi
Founded in 2000
Key Executives for HDFC Standard Life Insurance Co., Ltd.
Chief Executive of Europe & Asia
Chief Human Resource Officer and Senior Executive Vice President
Compensation as of Fiscal Year 2013.
HDFC Standard Life Insurance Co., Ltd. Key Developments
Shriram Reportedly To Bid For HSBC's 26% in Canara HSBC
May 15 13
Shriram Capital Limited is reportedly bidding to acquire 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited from HSBC Holdings plc (LSE:HSBA), senior officials from Shriram Group Pvt. Co. and two other industry representatives, who are familiar with the deal said. Shriram Capital has reportedly hired Axis Capital Markets India Ltd. (BSE:531278) for the transaction. The purchase of HSBC's stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company and a subsequent merger of Shriram Life Insurance Company Limited with it will propel Shriram to under 10 ranking, based on current financials, from 18, said the person who did not want to be identified. According to Economic Times, Shriram declined to comment and Axis had not responded to a mail seeking comment. The other competitors for the stake are Manulife Financial Corporation (TSX:MFC), HDFC Standard Life Insurance Co., Ltd. and ICICI Prudential Life Insurance Company Ltd. An executive said, "This is an opportunity for Shriram Life. We see value in the deal as there are two large banks." According to industry sources, Shriram had a better opportunity compared with the HDFC Standard Life and ICICI Prudential Life, who want to acquire 100% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company which Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315) are objecting. Shriram and Manulife stand a better chance of completing the transaction as they do not face obstacles, unlike ICICI, or HDFC Life as insurance regulator mandates that no licence holder could operate two companies and if there is a owner with stakes in two, they should be merged.
HDFC Standard Life Mulls Competitors’ Acquisition
May 8 13
HDFC Standard Life Insurance Co., Ltd. is looking to acquire competitors which are up for sale. HDFC Standard Life said that it plans to buy the entire company rather than just one of the stakeholders. Amitabh Chaudhry, Chief Executive Officer at HDFC Standard Life said, “"It makes sense to acquire a company because IRDA does not allow one promoter to hold two licenses." Amitabh Chaudhry further added, “We would like to acquire the entire company and merge with us.”
HSBC Reportedly Selected 6 Bidders For Insurance Stake
May 1 13
HSBC Holdings plc (LSE:HSBA) selected Manulife Financial Corporation (TSX:MFC); HDFC Standard Life Insurance Co., Ltd.; Birla Sun Life Insurance Company Limited; Bharti AXA Life Insurance Company Limited; and two unknown bidders for its 26% stake in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited, said a person familiar with the development. ."HSBC has shortlisted six," said the executive of a life insurance company not wanting to be identified. According to Economic Times, HSBC and HDFC Life declined to comment and Bharti and Manulife did not respond to e-mails seeking comment. There is no certainty that a transaction will happen. Canara Bank Limited (BSE:532483) and Oriental Bank of Commerce (BSE:500315), the joint venture partners, may throw a wrench. The sale of stake in the Indian insurance venture is part of HSBC global Chief Executive Officer Stuart Gulliver's plan to exit insignificant businesses. If a transaction happens, it may yield a sum of INR 10 billion as the company may be valued at about INR 40 billion, said an industry official.
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