The insurance firm plans to target 1.7 million non-resident Indians in the UAE and expects Rs300 million premiums in first year of operations.
“We have already raised Rs50 million premiums in past three months and are confident to gain up to five per cent share of 1.7 million NRI population in the UAE,” Anup Rau, executive vice-president and head of sales and distribution, HDFC Life, told Khaleej Times on the sidelines of a Press conference.
HDFC Life is a joint venture between Housing Development Finance Corporation and Standard Life. HDFC holds 72.37 per cent and Standard Life (Mauritius Holding) Limited holds 26 per cent of equity in the joint venture, while the rest is held by others.
Rau said HDFC Life also has plan to explore other GCC markets at later stage as present Indian regulations do not allow the company to launch full operations and set up joint ventures in international markets. “We launch first representative office in Dubai to test the Gulf insurance market as it hosts the largest population of NRIs. Our target is white-collar NRIs returning home for some reasons,” he said.
“The launch of our operations in Dubai is the beginning of HDFC Life’s expansion into the region. The objective of this office would be to serve our existing policy holders and further understand their financial needs better.”
HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches servicing customer needs in over 700 cities and towns. The company has a strong presence in its existing markets with a strong base of financial consultants.
“With a strong brand proposition, well balanced product portfolio, need-based selling approach, long-term investment philosophy, and above all a strong lineage, HDFC life aims to successfully establish its presence in the region within the next few years,” Rau added.
M.I. Taher, vice-president and head of international business at HDFC Life, said: “GCC is an important region for our growth and UAE’s large NRI population base, is key to this growth, hence it was of prime importance to open office in Dubai. The objective of our operations in Dubai is the first step towards understanding the Gulf market.”
“Our presence in this region will help us research the market better and devise new products catering to the specific needs of the NRI’s here.”
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