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The expansion continues the insurer?s growth strategy to strengthen its presence in the western region of India and consolidate its position in the insurance business in the country.
HDFC Standard Life?s general manager, Paresh Parasnis, said, ?we want to be as close to our customers as possible and want to ensure complete customer convenience and delight. We felt the need to increase our spread in Maharashtra, especially in Pune, because of its growing potential.?
The city of Pune is situated in Maharashtra and is said to be the cultural capital of the state. Located at about 120 kilometers from Mumbai, Pune is a major tourist destination and one of the largest urban agglomerations in India.
With the launch of the new office, HDFC Standard Life has a total of seven branches across Pune, said the insurer.
Currently, the insurer has six bancassurance partners in India, including HDFC Ltd., HDFC Bank Ltd., Union Bank of India, Indian Bank, Saraswat Bank and Bank of Baroda. It also provides health insurance product to Indian citizens.
As of September, the insurer had more than 382 corporate agents and sales intermediaries including banks for distribution of insurance products across the country. It also manages total assets of 100 billion rupees (1.5 billion euros).
HDFC Standard Life is a joint venture between India?s Housing Development Finance Corp. and U.K.-based Standard Life.
For the year ended March 31, 2008, the insurer recorded gross premium income of 486 billion rupees and new business premium income of 268.5 billion rupees. By the end of 2007, HDFC held 72.38% of equity in the joint venture.
(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)
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