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



Dubai, December 18, 2018 – HDFC International Life and Re Company Limited (HDFC International Life & Re), a wholly owned subsidiary of HDFC Life, is the first life re-insurer incorporated in Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), to start operations out of DIFC.

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, Chairperson 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.”

--ENDS--

About HDFC International Life & Re

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

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 www.hdfclifere.com

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 31 partnerships within non-traditional ecosystems. The Company has a strong base of financial consultants.

For more information on HDFC Life, please visit its website, www.hdfclife.com. You may also connect on Facebook, Twitter, YouTube and LinkedIn.

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.”

Sameer Yogishwar, Chief Executive Officer, HDFC International Life & Re

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