Mumbai: HDFC Standard Life Insurance Company, a leading Indian private insurer, expects to break even in fiscal 2012, helped by a rise in premium incomes and reduction in operating expenses, its chief executive Amitabh Chaudhry said on Wednesday.
The joint venture between India’s top mortgage lender, HDFC, and Britain’s Standard Life has not been profitable since it launched in India in 2001. It posted a net loss of Rs990 million ($22.3 million) in the fiscal year ended 31 March.
Life insurance penetration in India is about 4% of gross domestic product, in terms of total premiums underwritten in a year, compared with about 13.5% in Britain.
Industry executives say the outlook remains bright in an under-insured, booming economy. India opened up the insurance sector to private and foreign players in 2000.