hdfc standard life insurance company limited · this is the sole and exclusive property of hdfc...

This is the sole and exclusive property of HDFC Life

HDFC Standard Life Insurance Company Limited

Half Year ended Sept 2012

2012-13

Continued consolidation of market share in private sector

Investing in new channels, geography and technology, to position for growth in future

Revenue

Indian GAAP Financials

AUM, EV & Solvency

• First Year premium higher by 11% • Total premium growth* of 7% PY (17%) • Conservation ratio* at 77% (PY 80%) • Ranked # 2 in private market share for the period ended September 2012 • Individual business market share at 17.0% (PY 15.1%)

• Overall surplus of ` 2.8 bn

• Expense ratio* at 13.3% (PY 12.1%) of total premium. The increase was due to higher thrust on developing new channels, technology and geographic distribution

• Assets under management increased 34.5% on YoY basis

• Embedded value as on 30th September 2012 at ` 53.0 bn (YoY growth of 22%)

• NBM stood at 17.5% for individual business • Solvency Ratio 227% as against a regulatory requirement of 150% • No capital infusion during the year (PY: Nil)

* Since Q1 FY13, we stopped making an accrual for premium due but not received on unit-linked policies, based on directive from the regulator. Total premium growth, Conservation ratio and Expense ratio assume that this change been done for previous years. Conservation ratio is for individual business.

Performance Snapshot

3

29.0 26.9

5.9 9.5

49.2

63.4

5.9

2.1

FY11 FY12

90.0

102.0

29%

120%

36%

-5%

17%

13%

-65%

29%

61%

-7%

13.9 10.3 11.4

2.0

3.4 3.8

19.4 26.9

28.1

0.6

1.1

0.5

H1 FY11 H1 FY12 H1 FY13

35.9

41.743.8

37%

-7%

39%

9%

44%

16%

88%

38%

70%

-26%

5%

-53%

4%

12%

11%

Premium Income

4

` Bn

• Positive growth in first year regular (11%), group (12%) & renewal (8%) premium leading to overall growth of 7%

• Continued growth in new business since Q3 of FY12 beating the private market

( Q3 FY12: 3%, Q4 FY12: 15%, Q1 FY13: 17%, Q2 FY13: 7%)

First Year Regular Premium (Individual)

Total Premium Single Premium (Individual) Reported Renewal Premium (Individual)

Group Premium

H1 Performance PY (12 M) Performance

{7%}

{8%}

Note: 1) Since Q1 FY13, we stopped making an accrual for premium due but not received on unit-linked policies, based on directive from the regulator. Figures in bracket represent growth numbers had this change been done for previous years. 2) After adjusting for change in accounting policy for unit-linked business, total reported premium growth would be 7% (H1 FY13), 17% (H1 FY12), 42% (H1 FY11), 13% (PY FY12) and 29% (PY FY 11).

Weighted Received Premia(WRP) Individual Growth

• The company continues its positive growth trend in 4 consecutive quarters

• Total industry growth driven by LIC, while private sector struggling

5 Source :IRDA


18%

-8%

-20%

-24%

-8%

-5%

FY11 FY12

44%

-26%

14%16%

-43%

-1%

25%

-28%

24%

H1 FY11 H1 FY12 H1 FY13

HDFC Life Growth Private Sector Growth Total Industry Growth

44%

-26%

10%

16%

-43%

-3%

25%

-28%

20%

H1 FY11 H1 FY12 H1 FY13

Market Share (WRP Individual)

• Steady increase in market share in the private space

• Ranked #2 in H1 FY13 amongst private insurance companies (Individual & Overall business)

• During the last 2 years, private industry has ceded 19% market share to LIC

(LIC market share increased from 49% in H1 FY11 to 68% in H1 FY13)

Source :IRDA 6


11.5%

15.1%

16.9%

5.8% 6.0%5.2%

H1 FY11 H1 FY12 H1 FY13

Private Sector Market Share Total Industry Market Share

12.9%

15.5%

5.9% 5.7%

FY11 FY12

11.5%

15.1%

17.0%

5.8% 6.0%5.5%

H1 FY11 H1 FY12 H1 FY13

31%19%

1%

4%

65%73%

3% 4%

FY11 FY12

Tied Agency Broker Bancassurance Direct

35%

19% 17%

1%

2% 7%

62%

74% 71%

2% 4% 5%

H1 FY11 H1 FY12 H1 FY13

Tied Agency Broker Bancassurance Direct

Distribution Mix

7

• Efforts to diversifying distribution mix have started to yield results with new channels i.e.

Broker & Direct increasing their share of APE

• Tied Agency continues to face challenges in difficult business conditions

• Operates out of 461 offices across the country serving over 945 cities in India & a liaison

office in Dubai

• The percentages are with reference to APE for individual business


86%

56%

13%

43%

1% 1%

FY11 FY12

ULIP Par Non Par

89%

65%56%

10%

34%41%

1% 1% 3%

H1 FY11 H1 FY12 H1 FY13

ULIP Par Non Par

Product Mix

• Share of Conventional business has increased after regulatory changes of Sep 2010

• The percentages are with reference to APE for individual business. ULIP stands for Unit Linked Insurance Plan.


8

Commission Ratio

9


Commission (% Premium

Income) FY11 FY12

- First year premiums 11.0% 15.8%

- Renewal premiums 2.0% 1.6%

- Single premiums 1.6% 0.4%

Total 5.3% 5.7%

Commission (% Premium

Income)H1 FY11 H1 FY12 H1 FY13

- First year premiums 13.2% 17.4% 17.6%

- Renewal premiums 2.0% 1.7% 1.4%

- Single premiums 0.2% 0.4% 0.3%

Total 6.2% 5.4% 5.5%

• After adjusting for change in accounting policy for unit-linked business, total Commission as a percentage to Premium Income for previous years would be 5.6% (H1 FY12), 6.4% (H1 FY11), 5.8% (PY FY12) and 5.4% (PY FY 11)

Operating Expenses

10

- After adjusting for change in accounting policy for unit-linked business, operating expenses/total reported premium ratio for previous years would be 12.1% (H1 FY12), 20.8% (H1 FY11), 11.7% (PY FY12) and 16.3% (PY FY 11) - Operating expenses exclude service tax

• Operating expenses ratio has increased vs. last year due to higher incentive support for new

channels & conscious decision to invest in new channels, technology, branch refurbishments

and international business

` Bn H1 Performance PY (12 M) Performance

14.411.7

16.0%

11.5%

FY11 FY12

7.3

4.9 5.8

20.2%

11.9% 13.3%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

H1 FY11 H1 FY12 H1 FY13

{20.8%}

{12.1%}

77% 80%73%

0%

10%

20%

30%

40%

50%

60%

70%

80%

H1 FY11 H1 FY12 H1 FY13

84% 80% 77%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H1 FY11 H1 FY12 H1 FY13

Conservation Ratio

• The effect of persistency is in line with the industry

11 * Conservation ratio for previous years has been reworked after adjusting for change in accounting policy for unit-linked business


FY11 FY12

81% 82%

FY11 FY12

80% 80%

Conservation Ratio (Individual Business)*

13th Month Persistency Ratio

(1.0)

(0.0)

0.6 0.0

1.1

1.9

(0.6)

0.2

0.2

(2.0)

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5

3.0

H1 FY11 H1 FY12 H1 FY13

(1.7)

1.2

2.8

Indian GAAP Results

12

` Bn

• Deficit as of 31st March 2012 of ` 0.6 bn has been completely off-set by the surplus

generated in the Policyholders’ A/c


(1.7)

1.1

0.4

2.5

(1.4)

0.2

(4.0)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

FY11 FY12

(2.7)

3.8

9 16 7 31

92 100

45

238 60

-

0

60

(20)

30

80

130

180

230

280

330

380

Q1 FY13 Q2 FY13 Oct 2012 YTD Oct 2012

Shareholder A/c surplus Policyholders' A/c surplus Deficit (created)/reversed in Rev A/c

19.721.6 21.6

0.03 0.0 0.0

-9.00

-7.00

-5.00

-3.00

-1.00

1.00

3.00

0.0

5.0

10.0

15.0

20.0

25.0

30.0

H1 FY11 H1 FY12 H1 FY13

Total Share Capital

13

• Generation of surplus on policies sold in prior years has reduced the need for capital draw-

downs with no additional capital introduced in the last 6 quarters

• Solvency Ratio as at 30th Sept 2012 was 227% as against a regulatory requirement of 150%

` Bn

19.721.6 21.6

0.03 0.0 0.0

-9.00

-7.00

-5.00

-3.00

-1.00

1.00

3.00

0.0

5.0

10.0

15.0

20.0

25.0

30.0

H1 FY11 H1 FY12 H1 FY13

Closing Capital Capital Infused during the period

Capital Shareholding Pattern

72.4%

1.6%

26.0%

HDFC Limited Individuals / ESOP Trust Standard Life

46% 48%

54% 52%

31st Mar 2011 31st Mar 2012

Debt Equity

42% 46% 50%

58% 54% 50%

30th Sept 2010 30th Sept 2011 30th Sept 2012

Debt Equity

Assets Under Management

14

• Robust growth in assets under management


248

273

367 20,069

16,454

18,763

14,000

16,000

18,000

20,000

22,000

24,000

26,000

150

200

250

300

350

400

30th Sept 2010 30th Sept 2011 30th Sept 2012

AUM in Rs bn Sensex

34.5%50.6%

10.1%

Growth in AUM vs LY

265

323

19,445

17,404

14,000

16,000

18,000

20,000

22,000

24,000

26,000

150

200

250

300

350

31st Mar 2011 31st Mar 2012

AUM in Rs bn Sensex

21.7%

29.8%

Growth in AUM vs PY

265 273

323

367

31st March 2011

30th Sept 2011

31st March 2012

30th Sept 2012

45 Inflows vs. Market

8

AUM Movements

15

24 26

-16

19

H1 FY 12 H1 FY 13

Fund flow Market Movements

` Bn

Assets Under Management

16.1%

12.5%

6.7%5.7%

13.5%

9.0%

5.3%

1.5%

Growth Balanced Secured Opportunities

HDFCSL Returns Benchmark Returns

Fund Performance (Since Inception)

Delivered better results consistently compared to benchmarks

Inception Dates: Growth Fund: January 02,2004 Balanced Fund: January 02,2004 Secured Fund: January 02,2004 Opportunities Fund: January 04,2010

Benchmarks: BSE 100 45% BSE-100 & 55% Crisil Composite Bond Index

CRISIL Composite Bond Index

CNX MIDCAP Index

16

Fund Performance (Last 1 year)

Benchmarks: BSE 100 45% BSE-100 & 55% Crisil Composite Bond Index

CRISIL Composite Bond Index

CNX MIDCAP Index

17

12.5%12.1%

10.9%

9.9%

12.5%

10.9%

9.5%10.1%

Growth Balanced Secured Opportunities

HDFCSL Returns Benchmark Returns

MCEV as at 30th Sept 2012

Market Consistent Embedded Value (MCEV) results are unaudited 18

` Bn

14.8

41.2

1.4 -0.7 -3.7

53.0

Shareholders Adjusted Networth

Present Value of Future profits

Tax relief on dividends

Frictional Cost of Required Capital

Cost of Non Hedgeable Risks

Shareholders

Adjusted Net worth14.8

+ Value of Inforce

38.2= MCEV

53.0

Cost of Non Hedgeable Risks

Present Value of Future Profits

Frictional Cost of Required Capital

Tax relief on dividends

48.2

0.3 2.0

-1.1 2.0

0.6 1.0

53.0

MCEV at 31st Mar 12

Opening modeling, assumption and methodology changes

New business profits (before expense over-run)*

Acquisition expense overrun

Expected return on inforce

Operating Variances

Investment variances and change in economic assumptions

MCEV at 30th Sept 12

Analysis of Change MCEV

3.8

Notes to analysis of change: Opening modeling, assumptions and methodology changes: The models, assumptions and methodology are continuously refined and improved and the impact of these refinements is reflected in the opening changes. Expected return on inforce: This item reflects expected investment income on shareholder assets during the period, and reflects that future shareholder profits are now 1 year closer than at the start of the period. This positive item will occur in each MCEV period. Operating Variances: The Operating Variances capture the impact of the deviations of the actual claims, persistency and maintenance expense experience during the period from that assumed in the opening MCEV calculation. Investment variances and economic assumption changes: This reflects the impact due to the actual investment return being different from the expected returns and the impact from the change in the yield curve at the end of the period compared to the yield curve at the start of the period.

Embedded value operating profit

4.8

EV profit ` Bn

19 * New business profits pertain to Overall (Individual + Group) business

20

` Bn

* FY11 had first 5 months of margins under product portfolio that existed in the pre charge cap regime

H1 FY12 H1 FY13 FY11 FY12

New business profits1,2 1.7 2.1 5.4 4.8

New business APE2 10.6 11.8 28.6 27.9

New business margin1,2 15.6% 17.5% 18.8%* 17.2%

1 Based on loaded acquisition expenses2 Margins and APE are shown for individual business only

New business margin (after impact of

acquisition expenses overrun) 2 10.5%14.2%

New Business Profits

Organization agenda continues to be driven through five strategic themes

Leader in providing long term insurance solutions

Fortify & Diversify distribution channel mix

Own select customer segments and product categories

Deliver unique customer experience

Cost leadership across the delivery chain

Set the industry standards by driving changes that encourage long term behaviour by all stakeholders & yield sustainable benefits

Retain and grow existing distribution partners and win new relationships to de-risk business in the face of increasing competitive intensity

Select attractive customer segments , develop products based on needs of the segments and drive efforts & investments to these segments

Improve customer experience & loyalty through offering best-in-class service standards across touch points

Run a profitable business through driving cost & productivity efficiencies across the value chain

21

Improvement in key indicators on the journey to becoming a leader in providing long term insurance solutions

Leader in providing long term insurance solutions

Acquire new customers

Enhance policy term

Balanced product mix

Retain customers for the long term

Number of policies grew by 26% in H1’13 vs. H1’12

Policy term enhanced to 13.2 years in H1’13 vs. 11.5 years in H1’12

Conventional products contributed 44% in H1’13 vs. 35% in H1’12 to individual premium

Conservation ratio at 77% in H1’13

22

Efforts to fortify and diversify channel mix that started in FY’11 beginning to yield results

Fortify & Diversify Channel Mix

Fortify existing channels

Diversify Channel Mix

Segregated management

structures

Win new relationships

Growth in bancassurance channel in H1’13 Agency stays flat in difficult business conditions Better than industry performance

Direct sales & broker contribution in individual business increased to 11.5% in H1’13 vs. 6.5% in H1’12

Dedicated sales team structures for channels & verticals under channels Interventions to improve knowledge, skills and relationships

Plug-and-Play toolkit for new partner acquisitions Ongoing program to attract new financial consultants

23

Products launched in identified customer segments and steps taken to improve speed to market

Own select customer segments and product categories

Product development aligned to customer

segments

Integrated & faster NPD process

Sales of online term product Click2Protect continue to grow Smart woman campaign launched to attract more women customers Invest wise plan launched for the wisdom investor

New Product Development driven through an integrated Research, Product & Marketing structure to improve speed-to-market from concept to launch has been deployed Positioned to manage any product changes that may be rolled out in H2’13 by regulator

24

Processes & teams aligned to offer a unique customer experience

Deliver unique customer experience

Faster Policy Issuance

Right Advice & Need based selling

Improve Customer Loyalty

Continuous Improvement

Point-of-Sale underwriting engine - Click2Buy extended across channels Emphasis on straight- through-processing based on LEAN principles

Mobility devices tested Aim to ensure standardization of communication Need based analysis – financial planning tool

Dedicated loyalty channel Tele-sales Feet-on-street Branch Sales Growth surpassing traditional sales channels

‘Servesresht’ program based on Lean Six Sigma methodology Governance driven through Service Excellence Council

25

Improvement in cost ratios in a difficult business environment

Cost leadership across the delivery chain

Higher profitability Optimize Capital Technology

enabled business transformation

NBM: 17.5% (H1’13) vs 15.6% (H1’12)

No capital draw-down needed in the last 6 quarters

System Integrator selected for end-to-end technology transformation Customer impacting projects prioritized

26

HDFC Life is well positioned to align and take advantage of the potential changes expected in the near future

Market

Customer

Channel

Product

Process & Technology

People

Polarization of market share in favour of large players with access to existing distribution

Higher alignment to brands that evoke trust

Bancassurance guidelines expected in Q3’13

Revised product guidelines are expected in Q3’13 and speed to market would be critical in the short term

Key differentiator to improve productivity & reduce cost across the value chain given anticipated business environment challenges

Ability to attract talent likely to be restricted to select few insurers who deliver profitable, sustainable growth

27

Awards and Accolades

28

CIO 100 Award for Enterprise Excellence

Underwriting initiative of the year award by Asian

Leadership Awards

For more details about our Awards & Accolades, kindly refer our website at www.hdfclife.com

FAME – Fabulous Achievement in Marketing Excellence

BestPrax Benchmark Award for Leadership Governance

Brand Slam Leadership Award by CMO Asia

‘Best Private Life Insurer’ at CNBC TV18 Best Bank and Financial Institution Awards

2012

Awards and Accolades

29

Best Product Innovation Award 2012 for second consecutive year

Best Companies to Work for 3rd consecutive year.

CISO –Best Information Security practices

World HRD Congress – Thought Leader Award 2012

Porter Prize for Strategy & Product Innovation

Award for CEO with HR orientation & Talent Management

For more details about our Awards & Accolades, kindly refer our website at www.hdfclife.com

Appendix & Glossary

30

Appendix 1 : MCEV methodology and approach

MCEV methodology

The calculations of embedded value and new business profits have been performed using a market consistent embedded value (“MCEV”) approach. This approach differs from a traditional EV approach primarily in respect of the way in which allowance for risk is made.

Within the traditional EV approach allowance is made for risk through an increase in the risk discount rate used to value future shareholder cash flows, whilst within the MCEV calculation explicit separate allowances are made for risk.

Components of MCEV

There are two components to the MCEV:

1. Shareholders’ adjusted net worth –this component represents the market value of assets attributable to shareholders. This amount is derived from the Indian GAAP balance sheet adjusted to allow for assets on a market value basis, elimination of intangible assets and to allow for shareholder attributable assets or liabilities residing within the unit-linked and non Par policyholder funds.

2. Value of in-force –this component represents the discounted value of after tax shareholder attributable cashflows expected on the business as at the valuation date. No allowance is made for future new business. This amount has been adjusted to deduct allowances for non hedgeable risk, frictional costs of required capital and the time value of financial options and guarantees.

31

Appendix 2 : Components of value of in force (“VIF”)

Present value of future profits (“PVFP”)

This component has been calculated by discounting the projected future after tax shareholder attributable cashflows expected to arise on in-force business at the valuation date. The cashflows have been projected on a deterministic basis using the company’s best estimate view of future persistency, mortality and expenses. Future investment returns and the risk discount rate have been set equal to the returns from the risk free (government bond) yield curve at the closing balance sheet date.

Time Value of Financial Options and Guarantees ("TVFOG")

During FY 2010-11, the company carried out an extensive analysis of the profile of guarantees in its Par funds to identify the level of guaranteed benefits occurring at future time periods. The investment strategy of the Par funds was re-set to enable, where possible, hedging of these guaranteed benefits through cashflow matching of the guarantees with fixed interest assets. As a result, the company is of the view that there is no residual TVFOG associated with the Par funds.

The cost associated with the investment guarantees in the Unit linked funds that have such guarantees has been allowed for in the MCEV calculations by modelling a cost equal to the additional guarantee charge levied on these funds. This allowance has been factored into the PVFP.

Frictional Costs of Required Capital (“FCRC”)

The VIF allows for a deduction in respect of the frictional costs of holding required capital (“FCRC”). Required capital has been set equal to the amount of shareholder attributable assets required to back local regulatory

solvency requirements. The FCRC has been calculated as the discounted value of investment costs and taxes on shareholder attributable assets backing the required capital over the lifetime of the in-force business.

Cost of non hedgeable risk (“CNHR”)

The VIF incorporates an explicit deduction to allow for non hedgeable and non economic risks. The CNHR has been derived using a cost of capital approach and is calculated as the discounted value of an annual charge applied to projected risk bearing capital.

• The initial risk bearing capital has been calculated based on 99.5th percentile stress events for non economic assumptions over a 1-year time horizon. This initial risk bearing capital has been updated to be based on the portfolio of business as at 31st March 2012.

• Projected risk bearing capital has been determined by running-off the initial risk bearing capital in line with the expected movement in the regulatory solvency margin requirement.

• 99.5th Percentile stress events have been taken from the EU Solvency II, QIS 5 framework (previously QIS 4 framework). In order to allow for the greater risks associated with emerging markets, the risk bearing capital has been uplifted by 50%.

• The annual charge applied to the projected risk bearing capital is 4% p.a.

The stress events, uplifts to NHR, run-off pattern for projected risk bearing capital and annual charge, are reviewed and modified if necessary on an annual basis.

32

Expenses

• Maintenance expenses have been based on the latest expense analysis done in FY 2011-12 and are inflated at 7.5% per annum. These assumptions do not incorporate any allowance for future productivity improvements.

• Given the substantial changes in regulations, the Company has reviewed its cost structure, as a result of which the long-term acquisition expense levels have been calibrated at a level lower than that used earlier. These new long-term acquisition expense levels, as approved by the committee of Board in March 2012, have been incorporated into the pre-overrun margins disclosed for FY 2011-12 and H1 FY 2012-13.

Economic assumptions

• The closing MCEV is calculated assuming projected earned and risk discount rates are both set equal to the risk free (government bond) yield curve at the closing balance sheet date.

• The new business profitability is calculated with similar assumptions, except that the yield curve at the opening balance sheet date is used.

• No allowance for any illiquidity premia is made within the earned rates, except for group credit spread products.

Mortality and morbidity

• Mortality and morbidity assumptions are set by product line and are based on past experience.

Persistency

• Persistency assumptions are set by product line, payment mode and duration in-force, based on past experience and expectations of future experience. Separate decrements are modeled for lapses, surrenders, paid-ups and partial withdrawals.

Tax assumptions

• Tax assumptions are based on interpretation of existing tax legislation, where appropriate supported by legal opinion.

• Profits attributable to shareholders are assumed to be taxed at 13.52% for Life business and 0% for Pensions business.

• Allowance is made within the tax computation for dividend offsets permitted under Section 2A of the Income Tax Act and for losses incurred within the Shareholder Fund.

• No allowance is made for future changes to taxation such as the Direct Tax Code. These changes will be incorporated only once materially enacted. It is expected that implementation of DTC in its current form will result in a material negative impact to the MCEV and new business profitability.

Appendix 3 : Key assumptions underlying MCEV

33

Glossary Commission ratio – Ratio of total commissions paid out on first year, single and renewal premiums to total premiums. Conservation ratio – Ratio of current year renewal premiums to previous year’s renewal premium and first year premium. APE (Annualized Premium Equivalent) – The sum of annualized regular premiums and 10% weighted single premiums and single premium top-ups for individual business. First year premiums – Regular premiums received during the year for all modes of payments chosen by the customer which are still in the first year. For example, for a monthly mode policy sold in March 2012, the first installment would fall into first year premiums for 2011-12 and the remaining 11 installments in the first year would be first year premiums in 2012-13. New business received premium – The sum of first year premium and single premium. Operating expense – All expenses of management excluding service tax. It does not include commission. Operating expense ratio – Ratio of operating expenses (excluding service tax) to total premiums. Renewal premiums – Regular recurring premiums received after the first year. Solvency ratio – Ratio of available solvency margin to required solvency margins. Total premiums – Total received premiums during the year including first year, single and renewal premiums for individual and group business. Weighted received premium (WRP) – The sum of first year premium and 10% weighted single premiums and single premium top-ups. 13th month persistency – Percentage of contracts, measured by premium, still in force 13 months after they have been issued.

34

Disclaimer

This release is a compilation of published financial results, other information and is not a statutory release. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance. This release is a privilege copy intended for reference of selected group. These disclosures are subject to the prevailing regulatory and policy framework as on September 30, 2012 and do not reflect any subsequent changes.

35

36

Thank You

In partnership with Standard Life

hdfc standard life insurance company limited · this is the sole and exclusive property of hdfc...

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