New Delhi, Sept 17: HDFC Standard Life Insurance will hike its capital base by over Rs 80 crore to about Rs 300 crore this fiscal and targets to become the leading private player in the next five years. "We will hike the capital by over Rs 80 crore this fiscal. At present the capital is at Rs 218 crore," HDFC Standard Life CEO, Deepak Satwalekar, said.
HDFC Standard Life along with Reliance General and Royal Sundaram were the first three companies to receive license from regulator IRDA in 2000.
HDFC Standard Life, promoted by Housing Develepment Finance Company and American insurer Standard Life, started with a paid-up capital of Rs 168 crore.
The company intends to hike capital to sustain growth in business and comply with solvency norms prescribed by IRDA. Bureau Report