Banking On Premium: Vibha Padalkar, MD & CEO, HDFC Life
When Vibha Padalkar joined HDFC Life in 2008, she brought with her a truckload of rich and varied work experience. She had performed key functions across industries as varied as global business process management, global FMCG, and international audit. Her work has won her several awards and recognition by organisations and institutions including the Institute of Chartered Accountants of India, media houses and industry bodies. She qualified as a member of the Institute of Chartered Accountants of England and Wales in 1992. She is also a member of the Institute of Chartered Accountants of India.
Astutely led by Padalkar under the guidance of an experienced Board of Directors, HDFC Life has been consistently climbing up the ladder. Under her, HDFC Life has emerged stronger on parameters like effective growth plan, financial return, women friendly policies, CSR and the overall work culture.
Over the years Vibha has been the recipient of various awards including the 'CA Business Leader - For Large Corporates - BFSI' at the 15th ICAI Awards by The Institute of Chartered Accountants of India. In 2022, she was featured in the BW Businessworld’s Most Valuable CEOs list.
All-round Performance
In FY22, the company sold 9.15 lakh policies and insured 54 million lives. It recorded a profit after tax of Rs 1,208 crore, the value of new business stood at Rs 2,675 crore with new business margins at 27.4 per cent. At the core of the company’s growth strategy is its customer-first approach, which enabled it to consolidate its industry position amid the challenging environment of FY22.
In FY22, the company saw a 16 per cent growth in individual WRP (weighted received premium) over the previous fiscal year along with 18 per cent growth in renewal premium. The 13th month persistency, including single premium, increased to 92 per cent.
“The company’s private market share on new business premium was 21 per cent and its AUM increased 17 per cent to Rs 2,04,170 crore,” said Padalkar.
