Sep 12, 2018: HDFC Life, one of India’s largest private life insurers today announced the appointment of Ms. Vibha Padalkar as its new Managing Director & CEO for a period of 3 years effective September 12, 2018, in a Board meeting held today.
After a successful listing on the bourses in November 2017, HDFC Life is one of the most valuable private life insurers with industry-leading profitability, delivering superior returns to investors.
Ms. Vibha Padalkar said, “I am delighted with the opportunity given to me to lead the HDFC Life team. I thank the Board of Directors for having placed their trust in me. It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders. We have a strong team in place that has delivered over the years to make HDFC Life an industry leader and we hope to continue with this track record, delivering more value as we go along.”
Ms. Vibha Padalkar joined HDFC Life in August 2008. She is 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. Previously, she has worked in varied sectors such as global Business Process Outsourcing, global FMCG and in an international audit firm.
Ms Padalkar has been leading the Finance, Investor Relations, Legal, Secretarial and Compliance, Internal Audit and Risk functions. She was recently honoured with the ‘CA CFO – Insurance Sector’ award by the Institute of Chartered Accountants of India and by Business Today for the second consecutive year, as one of the ‘Top 30 most Powerful Women in Business’. She was also conferred the ‘CFO-Woman of the year’ award by the Institute of Chartered Accountants of India in 2011 and for “Excellence in Financial Control, Compliance and Corporate Governance” by IMA, India in 2013.
The Board of Directors have also appointed Mr. Suresh Badami as a Whole-time Director of the Company for a period of 3 years, commencing from September 17, 2018.
The decisions were taken by the Board based on the recommendation of the Nomination & Remuneration Committee. The terms of appointment, are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India.
Mr. Deepak Parekh, Chairman HDFC Life said, I am happy to welcome Ms. Vibha Padalkar in her new role as the MD & CEO of HDFC Life. We have witnessed HDFC Life grow from strength to strength, since its inception in 2000. I am convinced that Ms. Padalkar and the team will drive the organization to greater success and add value to our business as we cross many more milestones. I also take this opportunity to thank Mr. Amitabh Chaudhry for his leadership and vision. I wish him the very best in his new role.”
About HDFC Life
HDFC Standard Life Insurance Company Limited (‘HDFC Life’ / ‘Company’) is a joint venture between HDFC Ltd., one of India’s leading housing finance institutions and Standard Life Aberdeen, a global investment company.
Established in 2000, HDFC Life is a leading 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 and Health. Customers have the added advantage of customising plans, by adding optional benefits called riders, at a nominal cost. As on June 30, 2018, the Company had 34 individual and 11 group products in its portfolio, along with 8 optional rider benefits, 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 413 branches and additional distribution touch-points through several new tie-ups and partnerships comprising 189 partners across traditional and non-traditional channels including NBFCs, MFIs, Small Finance Banks, Payments Banks, etc. The Company also has a strong base of financial consultants.
In Fiscal 2012, the Company established a wholly-owned subsidiary, HDFC Pension Management Company Ltd., to operate its pension fund business under the National Pension Scheme (NPS). And in Fiscal 2016, the Company established its first international wholly-owned subsidiary in the UAE, HDFC International Life and Re Company Ltd., to operate its reinsurance business.
For more information, please visit our website, www.hdfclife.com. You may also connect with us on Facebook, Twitter, YouTube, LinkedIn, and other social media websites Google+.