HDFC International Life &Re, a subsidiary of HDFC Life, assigned “BBB”rating with stable outlook, by S&P Global

HDFC International Life &Re, a subsidiary of HDFC Life, assigned “BBB”rating with stable outlook, by S&P Global

December 17, 2018 – HDFC International Life and Re Company Limited
(HDFC International Life & Re), a wholly owned subsidiary
of HDFC Life,is the first full life re-insurer
to start operations out of Dubai International
Finance Centre (DIFC) and is regulated by
the Dubai Financial Services Authority (DFSA).

Its business consists of both treaty and
facultative reinsurance arrangements assumed from
 ceding companies in the GCC region, relating to a
 broad range of life insurance product lines covering individual life,
group life and group credit life.

In a recent research update by S&P Global,
HDFC International Life & Re has been assigned a
long-term insurer financial strength rating of “BBB”
with a stable outlook. 

According to S&P Global, “The rating reflects our assessment
 of the company as a startup reinsurer, albeit one operating 
in the relatively low-risk life reinsurance space, 
supported by extremely strong capital adequacy and abundant liquidity.”

S&P Global also adds that “The stable outlook reflects
our view that HDFC Life Re will maintain
its extremely strong capital adequacy
and low risk tolerance, while gradually increasing its
 premium base in both the United Arab Emirates
and the wider Middle East and North Africa region,
and start reporting profitable results on
a technical as well as on an overall basis.”

Vibha Padalkar, Chairman of the Board of HDFC International Life &Re, 
and Managing Director & CEO of HDFC Life, the parent company, 
said “HDFC International Life &Re is our first overseas foray 
and we remain committed to its continued success. 
This rating reflects our robust capital shield, strong liquidity profile and 
a balanced risk portfolio. 
HDFC International Life &Re will continue to develop tools 
and platforms to support our clients.”

Sameer Yogishwar, Chief Executive Officer, 
HDFC International Life &Re, commented - 
“This rating assignment by S&P Global underscores 
our effective strategy of operating as a nimble and niche life reinsurer in the region. 
We value the requirements of our clients and therefore create and 
offer ingenious risk solutions that best complement their 
operating models and strategic objectives.”

About HDFC Life

HDFC Standard Life Insurance Company Limited ('HDFC Life' 
/ ‘Company’) is a joint venture between HDFC Ltd., India’s leading 
housing finance institution 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. As on Sep 30, 2018, the Company had 35 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 170 bancassurance partners including NBFCs,

MFIs, SFBs, etc and 31partnerships within non-traditional ecosystems. 
The Company has a strong base of financial consultants.
For more information, please visit our website, 
You may also connect with us on Facebook, Twitter, YouTube and LinkedIn.

About HDFC International Life &Re

HDFC International Life and Re Company Limited (HDFC International Life & Re),with a paid up capital of USD 29.5 million,was incorporated in Dubai on January 10, 2016 under the Dubai International Finance Centre (“DIFC”) Companies Law No. 2 of 2009 under registration number 2067. HILRCL received its regulatory license from the Dubai Financial Services Authority ("DFSA") effective January 31, 2016.

HDFC International Life & Re, is licensed/regulated by the DFSA to undertake life reinsurance business in the UAE and provide risk-transfer solutions, prudent underwriting solutions and value added services, among others, across individual life, group life and group credit life lines of business and currently offers reinsurance capacity in the Gulf Cooperation Council (“GCC”) region.

For more information please visit

Me             Media  Contacts
HDFC Life:
Lopah Mudra Bhattacharrya
Phone: 022-67516323
Index PR:
Darshana Vyas
Phone: 9820231233


No comments: