Latest news with #KekiMistry
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Business Standard
4 days ago
- Business
- Business Standard
HDFC Life aims to expand and focus on tech amid macro opportunities in FY26
In FY26, as the Indian economy is expected to grow, HDFC Life Insurance is poised to seize macroeconomic opportunities and plans to expand while transforming the ecosystem using technology, Keki Mistry, Chairman of the insurer, said during its 25th Annual General Meeting (AGM). Mistry noted that although risks remain due to ongoing geopolitical tensions, trade uncertainties, and weather-related challenges that could impact growth, the economy is expected to grow in FY26, driven by private consumption and increased fixed capital formation. Investment activity is also likely to improve due to increased capacity utilisation, healthier corporate balance sheets, and sustained government capital expenditure. 'Despite global challenges, our economy showed resilience and steady growth. We remain optimistic about the year ahead,' said Keki Mistry, Chairman, HDFC Life Insurance. The life insurance sector in India saw mixed growth in FY25, with individual weighted received premiums growing by 10 per cent, while the number of policies declined by 7 per cent. Private insurers outperformed, growing 15 per cent in total premiums and 5 per cent in terms of the number of policies. The total sum assured by Indian life insurers rose 16 per cent to ₹102.6 lakh crore by March 2025. However, India's insurance sector remains largely under-penetrated, with life insurance penetration at 2.8 per cent, and the country faces the highest protection gap in Asia, at 91 per cent. 'Insurers are tapping into the opportunity by rapidly expanding into Tier 2 and Tier 3 cities, leveraging the distribution presence of partner banks and microfinance lenders to offer appropriate insurance solutions,' Mistry said. In FY25, HDFC Life's assets under management (AUM) stood at ₹3.36 trillion, with an embedded value of ₹55,423 crore. While the solvency ratio remained robust at 194 per cent, the new business margin for the year was 25.6 per cent, delivering a value of new business (VNB) of ₹3,962 crore. 'Despite challenges such as increased surrender values and an adverse product mix, our new business margins demonstrated resilience, declining by only 70 basis points, thanks to proactive mitigations,' Mistry said. He added that the insurer's customer base expanded to over 5 crore lives. The insurer's subsidiaries – HDFC Pension Management Company – had the highest AUM among pension fund managers, with AUM crossing ₹1.15 trillion. HDFC Life International and Re successfully completed 9 years and expanded its presence across the Gulf Cooperation Council (GCC), the broader Middle East, North Africa, and select emerging markets. 'Looking ahead, we are poised to seize the immense macroeconomic opportunities before us. Our strategy is clear: to expand thoughtfully and purposefully while transforming our entire ecosystem through cutting-edge technology. This tech-led evolution will empower us to deliver an unparalleled, best-in-class experience to every customer we serve,' Mistry concluded.
The Wire
5 days ago
- Business
- The Wire
HDFC Life Celebrates 25th AGM; Chairman Keki Mistry Highlights Industry Potential and Strong Company Performance
MUMBAI, India, July 17, 2025 /PRNewswire/ -- At its 25th Annual General Meeting (AGM) held in Mumbai, HDFC Life's Chairman, Mr. Keki Mistry, provided a comprehensive review of the macroeconomic environment, life insurance industry trends, and the company's performance for FY25. Mr. Mistry noted that while global economic uncertainties have eased compared to the previous year, the World Bank's revised growth projections suggest a cautious global outlook, with GDP expected to grow at 2.3% in 2025 and 2.4% in 2026—down from the earlier forecast of 2.7%. India is expected to maintain its growth momentum, driven by private consumption and increased fixed capital formation. Investment activity is likely to improve due to higher capacity utilization, healthier corporate balance sheets, and sustained government capital expenditure. Reflecting on the performance of the Indian life insurance industry, he observed that FY25 witnessed mixed outcomes. Individual Weighted Received Premiums (WRP) rose by 10%, even as the number of policies issued declined by 7%. Private sector insurers, however, showed resilience with a 15% increase in total premiums and a 5% rise in policy count. The total sum assured by Indian life insurers reached ₹102.6 lakh crores as of March 2025—a 16% increase year-on-year. Emphasizing the sector's potential, Mr. Mistry highlighted that life insurance penetration in India remains low at just 2.8%, with the country facing the highest protection gap in Asia at 91%. However, a combination of demographic strengths, rising income levels, digital advancement, and regulatory support positions India as the fastest-growing life insurance market among G20 nations, with an expected CAGR of 7.3% from 2025 to 2029, as per Swiss Re. During the year, HDFC Life delivered a 17% growth in individual WRP, accompanied by a 9% increase in policy issuances and an 8% rise in average ticket size. The company also attained its highest-ever market share of 11.1% in individual WRP, reinforcing its position among the top three private life insurers in the country. Mr. Mistry also reiterated that insurers are tapping into the opportunity by rapidly expanding into Tier 2 and Tier 3 cities, leveraging the distribution networks of partner banks and microfinance lenders to offer appropriate insurance solutions. The AGM marked a significant milestone in HDFC Life's journey of driving financial protection and resilience for millions of Indian families. About HDFC Life Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. The Company has over 70 products (individual and group products) including optional riders in its portfolio, catering to a diverse range of customer needs. HDFC Life continues to benefit from its increased presence across the country, having a wide reach with branches and additional distribution touch-points through several new tie-ups and partnerships. The count of distribution partnerships is over 500, comprising banks, NBFCs, MFIs, SFBs, brokers, new ecosystem partners amongst others. The Company has a strong base of financial consultants. For more information, please visit . You may also connect with us on Facebook, Twitter, YouTube and LinkedIn. Photo: (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
Time of India
5 days ago
- Business
- Time of India
Banks and finance companies to help in insurance penetration in small towns
Mumbai: Banks and finance companies are expected to play a key role in expanding insurance coverage in smaller Indian towns, said Keki Mistry, chairman of HDFC Life, at the company's 25th annual general meeting in Mumbai on July 16. Life insurers are leveraging the distribution reach of partner banks and microfinance lenders to enter underpenetrated Tier 2 and Tier 3 markets. India continues to face a significant insurance gap, with penetration at just 2.8% and a protection shortfall of 91%, the highest in Asia, said Mistry. 'Insurers are tapping into the opportunity by rapid expansion into Tier 2 and Tier 3 cities leveraging distribution presence of partner banks and micro finance lenders to offer appropriate insurance solutions,' said Mistry. 'Our strategy is clear: to expand thoughtfully and purposefully while transforming our entire ecosystem through cutting-edge technology. ' Despite global headwinds, India's economic outlook remains strong. The country posted 6.5% GDP growth in FY25 and is expected to maintain momentum in FY26 on the back of rising private consumption and continued capex by the Govt. 'India continues to remain the fastest growing major economy in the world,' said Mistry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo He expects the life insurance sector to grow at an average annual rate of 7.3% between 2025 and 2029, supported by higher income levels, a youthful population, growing digital usage and regulatory changes. 'The regulator has been actively promoting the vision of 'Insurance for All by 2047',' he said, citing measures like composite licenses and a risk-based capital framework as steps to improve ease of doing business and boost insurance penetration. HDFC Life recorded a 17% increase in individual weighted received premiums during FY25 and a 9% growth in the number of policies. Its market share rose to 11.1%, and its assets under management stood at Rs 3.36 lakh crore. The company reported new business margins of 25.6% and a value of new business of Rs 3,962 crore. 'Despite challenges such as increased surrender values and an adverse product mix, our new business margins demonstrated resilience,' said Mistry. The company covered more than 5 crore lives during the year. Persistency ratios improved to 86.9% at 13 months and 63.5% at 61 months. Renewal collections rose 14% year-on-year, indicating continued customer engagement. Mistry said the company would remain focused on innovation and technology to drive growth and improve service. 'Together, as one united force, our nation, our industry, and our company, we will rise above uncertainties and challenges,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
20-06-2025
- Business
- Economic Times
At TCS AGM, AI-led disruption, automation, geopolitics in focus
The world is facing upheavals on multiple fronts—tariffs, wars, and disruption due to artificial intelligence (AI), said Keki Mistry, non-executive and independent director at Tata Consultancy Services (TCS), as he presided over the 30th Annual General Meeting (AGM) of the company. Tata Sons chairman N Chandrasekaran could not chair the meeting due to 'certain exigencies.' 'We are presently engulfed by uncertainty at multiple fronts. The global economic connections are being reconfigured on a daily basis from tariffs to supply chains, wars and conflicts across regions, to the disruption posed by artificial intelligence. The world faces upheaval at several levels,' said the veteran business executive and former CEO of HDFC. The board of directors recommended a final dividend of Rs 30 per share for the fourth quarter, which brings the total annual dividend for the year to Rs 126 per share. TCS' shareholder payout was Rs 45,588 crores with a payout ratio of 94%.Looking ahead, TCS plans to focus on four strategic pillars: establishing a large pool of AI agents working alongside the human workforce, delivering solutions to a human plus AI model, and investing in AI data centres as well as partnerships, Mistry pointed out that the geopolitical landscape has reshaped how global businesses operate—reimagining their systems, processes, and technologies. 'Among all the shifts, it is the potential of generative artificial intelligence that stands apart. Unlike previous technological revolutions, which arrived sequentially across the globe, GenAI is emerging everywhere simultaneously… GenAI is not just another tech cycle. It represents a generational shift.'
Indian Express
20-06-2025
- Business
- Indian Express
India's TCS says none of its systems were compromised in M&S hack
Tata Consultancy Services said none of its 'systems or users were compromised' as part of the cyberattack that led to the theft of customer data at retailer Marks and Spencer, its client of more than a decade. 'As no TCS systems or users were compromised, none of our other customers are impacted' independent director Keki Mistry told its annual shareholder meeting. 'The purview of the investigation (of customer) does not include TCS,' Mistry added. This is the first time India's No 1 IT services company has publicly commented on the cyber hack. M&S did not immediately respond to a request for comment. TCS is one of the technology services providers for the British retailer. In early 2023, TCS reportedly won a $1 billion contract for modernising M&S' legacy technology with respect to its supply chain and omni-channel sales while increasing its online sales. The 'highly sophisticated and targeted' cyberattack which M&S disclosed in April will cost about 300 million pounds ($403 million) in lost operating profit, and disruption to online services is likely until July. Last month, Financial Times reported that TCS is internally investigating whether it was the gateway for a cyberattack. Mistry presided as the chairman at the company's annual shareholder meeting as Tata Group Chairman N Chandrasekaran skipped it due to 'exigencies'. The chairman's absence comes as the Group's airline Air India plane with 242 people on board crashed after take-off in Ahmedabad last week, killing all passengers except one.
