Financial Performance of HDFC Standard Life

HDFC STANDARD LIFE
A Project Report On
Financial Performance Analysis of HDFC Standard Life

Submitted by SOWMYA H.N 1EC09MBA29 MBA (Finance) East point college of Engineering for Women
EAST POINT COLLEGE OF ENGINEERING FOR WOMEN
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PART A
(Corporate Exposure)
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1. INDUSTRY PROFILE A. Insurance: General Introduction
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. While it becomes somewhat impossible for a man to bear by himself 100% loss to his own property or interest arising out of an unforeseen contingency, insurance is a method or process which distributes the burden of the loss on a number of persons within the group formed for this particular purpose. Insurance, whether life or non-life, provides people with a reasonable degree of security and assurance that they will be protected in the event of a calamity or failure of any sort. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered. Insurance policies cover the risk of life as well as other assets and valuables such as home, automobiles, jewelry etc. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals. The risks, which can be insured against, include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon these, may be insured against at a premium commensurate with the risk involved. Thus collective bearing of risk is insurance. Insurance policies can be classified into two categories. Which are given below: Life Insurance Policy General Insurance Policy Life insurance: Life insurance is a guarantee that your family will receive financial support, even in your absence. It thus protects to your family from the financial crises. It serves as a protective cover to your family. Life insurance or Life Assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's death. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums (so-called "paid up" insurance).
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Insured events that may be covered include: 1. Death 2. Accidental death 3. Sickness General insurance: General insurance includes many areas of insurance like marine, motor, health, fire etc. The contract provides for the payment of an amount on the happening of some contingency. B. Insurance Industry in India: An Overview
In 2003, the Indian insurance market ranked 19th globally and was the fifth largest in Asia. Although it accounts for only 2.5% of premiums in Asia, it has the potential to become one of the biggest insurance markets in the region. A combination of factors underpins further strong growth in the market, including sound economic fundamentals, rising household wealth and a further improvement in the regulatory framework. The insurance industry in India has come a long way since the time when businesses were tightly regulated and concentrated in the hands of a few public sector insurers. Following the passage of the Insurance Regulatory and Development Authority (IRDA) Act in 1999, India abandoned public sector exclusivity in the insurance industry in favor of market-driven competition. This shift has brought about major changes to the industry. The inauguration of a new era of insurance development has seen the entry of international insurers, the proliferation of innovative products and distribution channels, and the raising of supervisory standards. Following the move towards economic reform in the early 1990s, various plans to revamp the sector finally resulted in the passage of the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Significantly, the insurance business was opened on two fronts. Firstly, domestic privatesector companies were permitted to enter both life and non-life insurance business. Secondly, foreign companies were allowed to participate, albeit with a cap on
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shareholding at 26%. With the introduction of the 1999 IRDA Act, the insurance sector joined a set of other economic sectors on the growth march. During the 2003 financial year, life insurance premiums increased by an estimated 12.3% in real terms to INR 650 billion (USD 14 billion) while non-life insurance premiums rose 12.2% to INR 178 billion (USD 3.8 billion). The strong growth in 2003 did not come in isolation. Growth in insurance premiums has been averaging at 11.3% in real terms over the last decade. With the largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 1560.41 billion (for the financial year 2006 2007). Together with banking services, it adds about 7% to the countrys Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP. C. History of Insurance Industry in India:
The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non - Indian lives, as Indian lives were considered more risky to cover. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge the same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. The General insurance business in India, on the other hand, can trace its roots to Triton Insurance Company Limited, the first general insurance company established in the year 1850 in Calcutta by the British. Till the end of the nineteenth century insurance business was almost entirely in the hands of overseas companies. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during the 1920's and 1930's sullied insurance business in India. By 1938 there were 176 insurance companies.
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The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over the insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Nationalization was justified on the grounds that it would create the much-needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State led planning and development. The non-life insurance business continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC). Key Milestones 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers along with provident societies were taken over by the central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 Crores from the Government of India.
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D.
Present Scenario Life Insurance Industry In India:
Insurance is a federal subject in India. The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing foreign direct investment of up to 26%, the insurance sector has been a booming market. However, the largest life-insurance company in India is still owned by the government. The life insurance industry in India grew by an impressive 47.38%, with premium income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's business increased in the last fiscal year (2006-2007) compared to the previous one, its market share came down from 85.75% to 81.91%. The 17 private insurers increased their market share from about 15% to about 19% in a year's time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24 percent. With the opening up of the insurance industry in India many foreign players have entered the market. The restriction on these companies is that they are not allowed to have more than a 26% stake in a companys ownership. Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 19 private life insurance companies have been granted licenses. Innovative products, smart marketing, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. Some of these products include investment plans with insurance and good returns (unit linked plans), multi purpose insurance plans, pension plans, child plans and money back plans.
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Major Life insurance Companies in India are: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Aviva Life Insurance Bajaj Allianz Birla S un Life Insurance HDFC Standard Life Insurance ICICI Prudential ING Vysya Kotak Mahindra LIC Max New York Life Insurance Metlife India Insurance Reliance Life Insurance SBI Life Insurance Shriram Life Insurance TATA AIG Life Insurance
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2. COMPANY PROFILE HDFC Standard Life, one of Indias leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), Indias leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others HDFC Standard Lifes product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment, and Health. Customers have the added advantage of customizing their Plans, by adding optional benefits called riders, at a nominal price. The company currently has 25 retail and 4 group products in its portfolio, along with five optional rider benefits catering to the savings, investment, protection and retirement needs of customers. HDFC Standard Life continues to have one of the widest reaches among new insurance companies through a network of 595 offices serving over 720 cities and towns across the country. The company has also increased its depth in existing markets with a strong base of more than 207,000 Financial Consultants. At HDFC Standard Life, we work towards helping our customers to live with pride and self-respect. Being customer centric is a value dear to our heart. "Raising the bar", "Soar for More" is our business mantra; in doing so, rigor of processes is also what we adhere to. Integrity is our way of life. Providing a challenging work environment to employees goes hand in hand with our motto of customer delight. 8 incredible years and still going strong, we have literally made our mark with footprints over 600 cities & towns in India. The growth engine is driven by more than 16,000 committed employees who take pride in working for HDFC Standard Life, a distribution channel with over 2,00,000 customer centric financial consultants and equally strong
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channel partners in private and public sector banking. While accelerating our growth, we foster a learning culture towards creating thought leadership in the industry. A. Background and Inception of HDFCSL:
HDFC Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai. Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank.
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In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was Launched on 20th July 2000. Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard life insurance company limited. Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. Associate Companies:
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Other Companies

HDFC Trustee Company Ltd. GRUH Finance Ltd. HDFC Developers Ltd. HDFC Property Ventures Ltd. HDFC Ventures Trustee Company Ltd.
B.
Nature of the Business Carried:
HDFC STANDARD LIFE is into a business of insurance. It is one of the first private insurance companies. Its sell various insurance policy based on the needs of consumer. It has traditional insurance plan as well as modern ULIP plan in its portfolio. C. Vision 'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'. 'The most obvious choice for all'. Vision, Mission and Quality Policy:
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Mission We aim to be the top new life insurance company in the market, this does not just mean being the largest or most productive company in the market rather it is a combination of several thing like, Customer service of the highest order Value for money for customer Professionalism in carrying our business Innovative product to cater to different needs of different customer Use of technology to improve service standard Increasing market share Our Values Values that we observe while we wo

Integrity Innovation Customer centric People Care One for all and all for one Team work Joy and Simplicity
D. Protection Plans
Products/Services Profile:
HDFC Term Assurance Plan HDFC Loan Cover Term Assurance Plan HDFC Home Loan Protection Plan
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Children's Plans HDFC Children's Plan HDFC Unit Linked Young Star II HDFC Unit Linked Young Star Plus II HDFC Unit Linked YoungStar Champion Retirement Plans HDFC Personal Pension Plan HDFC Unit Linked Pension II HDFC Unit Linked Pension Maximiser II HDFC Immediate Annuity Rural Products HDFC Garmin Bima Mitra Yojana HDFC Bima Bachat Yojana HDFC Development Insurance Plan Savings & Investment Plans HDFC Unit Linked Endowment Plus II HDFC SimpliLife HDFC Unit Linked Endowment II HDFC Unit Linked Enhanced Life Protection II HDFC Unit Linked Wealth Maximiser Plus HDFC Unit Linked Wealth Multiplier HDFC Unit Linked Endowment Winner HDFC Endowment Assurance Plan HDFC Money Back Plan HDFC Single Premium Whole of Life Insurance Plan HDFC Assurance Plan HDFC Savings Assurance Plan
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Health Plans HDFC Critical Care Plan HDFC SurgiCare Plan Group Plans Group Term Insurance Plan Group Variable Term Insurance Plan Group Unit Linked Plan - Gratuity Group Unit Linked Plan Superannuation Group Unit Linked Plan - Leave Encashment HDFC offers products as per the life stages of the customers and their respective needs.
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Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you. In this section, we have drawn up the basic life stages and help you analyze various insurance needs accordingly.
E.
Areas Of Operations:
HDFC Standard Life continues to have one of the widest reaches among new insurance Companies. The company strengthened its number of offices from 103 to 572 across the
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country in less than 3 years. Through these offices, the company today services customer needs in over 730 cities and towns. HDFCSLIC is head quartered at Mumbai and has established its presence in the states of: Andhra Pradesh Bihar Delhi Gujarat Himachal Pradesh Karnataka Madhya Pradesh Meghalaya Punjab Tamil Nadu Uttaranchal Some of the cities in which HDFCSLIC has its branches are: Ahmedabad, Chennai, Hyderabad, Jalandar, Ludiana, Kolkata, Mangalore, Mysore, Noida, Pune, Trivandrum, Bangalore, Chandigarh, Jaipur, Jodhpur, Kanpur, Lucknow, Meerut New Delhi, Patna, Trichur, Vishakapatnam, etc Assam Chatthisgarh Goa Haryana Jharakhand Kerala Maharashtra Orissa Rajasthan Uttar Pradesh West Bengal
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Branch Locations Site Map:
F.
Ownership Pattern:
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HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated and been conferred with many awards. HDFC is rated AAA by both CRISIL and ICRA. Similarly, Standard Life is rated AAA both by Moodys and Standard and Poors. HDFC Limited: HDFC Limited, India's premier housing finance institution has assisted more than 3.4 million families own a home, since its inception in 1977 across 2400 cities and towns through its network of over 271 offices. It has international offices in Dubai, London and Singapore with service associates in Saudi Arabia, Qatar, Kuwait and Oman to assist NRI's and PIO's to own a home back in India. As of December 2009, the total asset size has crossed more than Rs. 104,560 crores including the mortgage loan assets of more than Rs.90,400 crores. The corporation has a deposit base of over Rs. 23,000 crores, earning the trust of nearly one million depositors. Customer Service and satisfaction has been the mainstay of the organization. HDFC has set benchmarks for the Indian housing finance industry. Recognition for the service to the sector has come from several national and international entities including the World Bank that has lauded HDFC as a model housing finance company for the developing countries. HDFC has undertaken a lot of consultancies abroad assisting different countries including Egypt, Maldives, and Bangladesh in the setting up of housing finance companies . Standard Life: Standard Life is one of the UK's leading long term savings and investments companies headquartered in Edinburgh and operating internationally. Established in 1825, Standard Life provides life assurance and pensions, investment management and healthcare
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insurance products to over 6 million customers worldwide. The Group has around 10,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China. At the end of December 2010 the Group had total assets under administration of 170.1bn. Standard Life's diverse business includes one of the largest life and pensions businesses in the UK with more than 4 million customers; Standard Life Investments, which currently manages assets of over 138.7bn globally and Standard Life Healthcare, a private medical insurance company which is one of the largest in the UK. On 10 July 2006, after 80 years as a mutual company, Standard Life Assurance Company demutualised and Standard Life plc was listed on the London Stock Exchange. Standard Life now has approximately 1.5 million individual shareholders in over 50 countries around the world.
G.
Competitors Information: Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise peoples savings for nationbuilding activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income
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grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five million people living below the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth rate for Life insurance business has been 19.22 per cent per annum Max New York Life Insurance Co. Ltd. Max New York Life Insurance Company Limited is a joint venture that brings together two large forces - Max India Limited, a multi-business corporate, together with New York Life International, a global expert in life insurance. With their various Products and Riders, there are more than 400 product combinations to choose from. They have a national presence with a network of 57 offices in 37 cities across India. ICICI Prudential Life Insurance Company Ltd. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). The company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups. Kotak Mahindra Life Insurance Co. Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc. Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada.
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Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company Private Limited Allianz Bajaj Life Insurance Company Ltd. Metlife India Insurance Company Pvt. Ltd. AMP SANMAR Assurance Company Ltd. Dabur CGU Life Insurance Company Pvt. Ltd. HDFC Standard Lifes Market Share Insurance Company LIC ICICI Prudential Bajaj Allianz SBI Life HDFC Standard Life Birla Sun life Reliance Life Max New York OM Kotak AVIVA Tata AIG Met Life Market Share(in per cent) 48.1% 13.7 % 10.3% 6.2% 4.1% 3.4% 3.4% 2.4% 1.9% 1.8% 1.5% 1.4%
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H.
Infrastructure Facilities:
The company opened 23 offices during the year, taking the total to 595 across the country and most of the offices have below given infrastructural facilities. Telephone Intranet and internet Conference room Seminar room Training room Laptop from IT department to senior manager Help line : product knowledge of HDFCSL Company e-mail For each and every employee and advisors of the company will get their personal ID where in they can login from any part of the country and update things, Like perk, commission account, keep in track of product, target. I. Year 2003 2002 2001 2000 1999 1996-99 1995 1992-94 Achievements/ Awards: Award Company of the Year Company of the Year Best Personal Pension Provider Company of the Year Company of the Decade Company of the year 4 star service award Overall best company
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1991
3 star service award
Standard Life has been awarded the "Raising Standards" quality mark. This shows that the Company: uses clear language to describe their products on key documents, have appropriate products and Provide a quality service for the customers. Money Marketing Awards Company of the Year every year from 1999 to 2005 Best Pension Provider 2004 and 2005 Best Group Pension Provider every year from 1998 to 2003 Best Personal Pension Provider every year since 1998 to 2003 Best Life Investment Product Provider 2003 and 2004 Gold Award in the Poster Campaign Category (Advertising) 2004
Money facts Investment, Life & Pensions Awards Best Pension Product 2003, 2004 and 2005 Best Pension Service 2003, 2004 and 2005 Bank hall Achievement Awards Pension Provider of the Year 2003 and 2004
Financial Adviser Provider Awards
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Overall Winner in 1999, 2000, 2001 and 2002 Pensions Provider of the Year 1999, 2000, 2001, 2002 and 2003 Pensions Company of the Year 2004 Individual Pensions Company of the Year 2004 Group Pensions Provider of the Year 2004 Health Insurance Company of the Year 2004
Financial Adviser Service Awards Company of the Year every year from 1997 to 2001 5 Star Life and Pensions Provider every year from 1996 to 2004 5 Star Investment Provider every year from 1996 to 2002 and 2004
Pensions Management Administration and Service Awards Overall Winner - Personal Pensions 2003 Overall Winner - Stakeholder Pensions 2002 and 2003 Overall Winner - Group Personal Pensions 2002 and 2004 Member Communications - Personal Pensions, Group Personal Pensions & Stakeholder Pensions 2003
Backup (branch office) - Personal Pensions 2003 Work Flow Model:
J.
M ANA GER
C H AN N EL D EVEL OPM EN T M ANA GER
F IN A N C IA L C ONSU LTAN TS
C U STOM ER
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M A NA GER
C OR POR A T ES
C U STOM ER S
K.
Future Growth and Prospects:
HDFC Standard Life Insurance has increased its capital by Rs. 50 crores. This was necessitated on account of the strong growth shown by the company in the current financial year in its life insurance and pension business. The two partners in the joint venture, HDFC and Standard Life Assurance Company of the U.K., have brought in the additional capital and the share capital of the company now stands at Rs. 218 crores. HDFC Standard Life Insurance was capitalised at Rs. 168 crores on day one, well above the minimum requirement of Rs. 100 crores stipulated by the Insurance Regulatory and Development Authority (IRDA). In order to fund the future growth in its business, the paid-up capital is now being increased by Rs. 50 crores. The company had seen a substantial increase in business over the two years and had declared two bonuses. The company is looking at introducing new products for individuals and companies in the coming months. 3. MCKENSYS 7S FRAME WORK
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Structure: The company was on 14th August 2000, and is based in Mumbai, India. HDFC Standard Life Insurance Company Limited operates as a subsidiary of Housing Development Finance Corporation Limited. HDFC Standard Life Insurance Co. Ltd. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) - India's leading housing finance institution, and a Group Company of the Standard Life Plc, UK. HDFC Standard Life Insurance is a new Indian life insurance company that operates out of 52 locations. HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), Indias leading housing finance institution and one of the subsidiaries of Standard Life plc, leading providers of financial services in the United Kingdom. Both the promoters are well known for their ethical dealings and financial
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strength and are thus committed to being a long-term player in the life insurance industry all important factors to consider when choosing your insurer. HDFC Standard Life Insurance is the first private life insurance company to be granted a license by IRDA. Skill: At HDFC Standard Life, we work towards helping our customers to live with pride and self respect. Being customer centric is a value dear to our heart. "Raising the bar", "Soar for More" is our business mantra; in doing so, rigor of processes is also what we adhere to .Integrity is our way of life. Providing a challenging work environment to employees goes hand in hand with our motto of customer delight. 8 incredible years and still going strong, we have literally made our mark with footprints over 600 cities & towns in India. The growth engine is driven by more than 16,000 committed employees who take pride in working for HDFC Standard Life, a distribution channel with over 2,00,000 customer centric financial consultants and equally strong channel partners in private and public sector banking. While accelerating our growth, we foster a learning culture towards creating thought leadership in the industry. Strategy: Lead a life of respect and dignity even after retirement HDFC Unit Linked Pension Maximizer II Ideally, just how spending comes to you, so must saving and investing. You are able to finance your expenses and take care of your expenses in present times. However, to ensure that you are able to maintain the same standard of living post retirement, you need to make the right kind of investment today. HDFC Unit Linked Pension Maximize II is a unique Single Premium unit linked plan, designed to provide a post-retirement income for life with the freedom to maximize your investment returns. This plan also gives Bumper Addition of 10% of initial single premium at vesting and on death. Features Please roll over your mouse over circles for explanation. Advantages This plan is designed to provide you a post retirement income for life You can choose your
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initial single premium, the investment strategy and retirement date. At the end of the policy term, you will receive the accumulated value of your funds including Bumper Additions, which will be used to provide your pension income in your golden years Strategies: Strategies Employed to achieve the target are as follows: Tele calling Contacting the person directly (interview) Collect references Shared Values: These are the core values of the company that are evidenced in the corporate culture & the general work ethic. The values followed by HDFC SLIC are: Integrity Innovation Customer centric People Care One for all and all for one Team work Joy and Simplicity
Style: One element of manager is how he\she choose tom spend time, another aspect is symbolic behavior. This suggests a seconds attribute that is by no means confused to that of top. The style is reflected of culture, more than to change the organization or performance. The HDFC is basically is a democratic system. Before taking any decision meeting is conducted and a final decision is taken and decision is taken with the consent of all. Every employee gets chance to give his \her opinion. Every employee can participate
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decision making processes of the organization .The HDFC is a unit union body hence it takes people into confidence. it does not take any decision unilaterally .Managers are evaluated based on the quality of their decision making and opinion of fellow employee. Hence participative and democratic type of system is the best system for such a big organization like HDFC standard life ltd. Staff: Work Culture the company attributes its success to the contributions made by its employees. We believe that our strength is our people, so our endeavour is to surpass their expectations and give them the best possible work environment and benefits that match the best in the industry. Talent management initiatives in HDFC Standard Life are driven by a set of organizational core competencies (Mantra 10) as well as positionspecific competencies. The competency set includes knowledge, skills, experience, and personal traits (demonstrated through defined behaviors) based on the bedrock of sharp vision and strong values of HDFC Standard Life. In this endeavor of shaping and nurturing our talent pool, HDFC Standard Life adopts a four-step model: Acquiring and Retaining Talent HDFC Standard Life believes in building capability for superior performance leading to a superior shareholder value. We have a bouquet of people processes like Assessments, Potential Review. The company had 14,506 employees as of March 31, 2009 as compared to 15,411 employees as of March 31, 2008. Under the provisions of Section 217 (2A) of the Companies Act, 1956 and the rules framed there under, the names and other particulars of employees are set out in the annexure to this Report Systems: All the processes & information flows that links the organization together. Communications practice and system. Management reporting system.
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Approval process. Planning/budgeting system. 4. SWOT ANALYSIS SWOT analysis is an acronym for the internal strengths and weaknesses of affirm and the external opportunities and threads facing that firm. SWOT analysis helps managers to have aquick overview of the firms strategic situation and assess whether there is a sound fit between internal resources, values, and external environment. Strength: Financial Expertise: As a joint venture of leading financial services groups. HDFC standard Life has the financial expertise required to manage your long-term investments safely and efficiently. Range of Solutions: Have a range of individual and group solutions, which can be easily customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. Strong Ethical Values: HDFC is an ethical and Cultural Organization. False selling or false commitment with the customers is not allowed. Most respected Private Insurance Company: HDFC was awarded No-1 Private Insurance Company In 2004 by the World Class Magazine Business World. Integrity, Innovation and Customer Care. The company is positioned it is first private company in the insurance sector in India.
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Huge source of reserve base. The company opened 23 offices during the year, taking the total to 595 across the country. Corporate Agents and Brokers are able to service customers in over 720 cities and towns across the country. The company also reduced premium rates on its term insurance plans and passed on a substantial benefit to customers. Effective user of banc assurance. The company also provides innovative products to cater to different needs of different. Domestic image of HDFC supported by Prudentials international image is strength of the company. Large pool of technically skilled manpower with in depth knowledge and understanding of the market. Strong and well spread network of qualified intermediaries and sales person The company provides customer service of the highest order Huge basket of product range which are suitable to all age and income groups The company also provides innovative products to cater to different needs of different customers Have around 145000 financial advisor Free switching options online informing customers about the performance of their investment by sending monthly reports and statements Weakness The return given by the company on its ULIP plan is very much below the market leader which reflects poor investment strategy. Though company is positioned as first private company in the insurance sector in India its market share stand at 4% which is very much low.
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Dividend - As the company has not earned profits, the directors do not recommend any Dividend. Unable to exploit rural market as compare to LIC Low customer confidence on the private players Vertical hierarchical reporting structure with many designations and cadres Heavy management expenses and administrative costs. Poor retention percentage of tied up agents. Poor awareness for new products in consumers Poor Distribution network. Very Huge Premium of policies compared to major rival LIC. Target Upper class people only. All Brochures are in English only. The full charges are not revealed to the customers Opportunities HDFC should tie up with business organization and private maternity hospital to expand business. Innovative products, smart marketing, and aggressive distribution have enabled insurance companies to sign up Indian customers faster than anyone expected. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative product. Till date, only 20% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non-life insurances in India is also well below the international level. Insurable population According to IRDA only 10% of the population is insured, which represents around 30% of the insurable population. This suggests more than 300m People, with the potential to buy insurance, remain uninsured. Insurance liberalization in India is expected to result in a wider choice of major commercial insurance covers, such as fire, export credit.
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Threats Changing government regulation Huge competition in the market put pressure on the profit margin Provision for entry of foreign player Price War With Competitors Taxation On The Product And Service Competitors Have Superior Access To Channels Of Distribution Other private insurance companies also vying for the same uninsured population Big public sector insurance companies like Life Insurance Corporation (LIC) of India, National Insurance Company Limited, Oriental Insurance Limited, New India Assurance Company Limited and United India Insurance Company Limited. People trust and go to them more Poaching of customer base by other companies. Most people dont understand the need or are not willing to take insurance policies in general. Competitors like ICICI Prudential, Bajaj Allianz Big MNCs are coming to domestic market Some brands in the market gives there product with more features Fear of the market to crash down
5. LEARNING EXPERIENCE My project at HDFC STANDARD Life Insurance Company has been an extremely enriching one. My project was divided into two main parts. Part A is about Corporate Exposure and Part B is about Study of Issue. My experience At HDFC was a really great learning experience with a lot of new things learnt and as I also wish to specialize in
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FINANCE this experience is really a big bonus for me. The Learning I gained during my project are mentioned below: I gained a broader perspective about various investment opportunities and the risk involved in them. I came to know about the various technicalities about the Indian insurance industry. Through this research I enriched my knowledge on various competitive strategies adopted by different companies to survive in a highly competitive market. Learnt in a more detailed way about the nature of work existing in the insurance industry, the kind of deadlines they have to meet, the kind of pressure and levels of stress, which they work under, and the kind of recognitions given to them after they meet or exceed their targets
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PART B
(Study of Issue/Problem)
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CHAPTER 1
INTRODUCTION
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1.
INTRODUCTION
Financial performance analysis is the process of identifying the financial strengths and weaknesses of the firm and establishing relationship between the items of the balance sheet and profit & loss account. Financial ratio analysis is the calculation and comparison of ratios, which are derived from the information in a companys financial statements. The level and historical trends of these ratios can be used to make inferences about a companys financial condition, its operations and attractiveness as an investment. The information in the statements is used by Trade creditors, to identify the firms ability to meet their claims i.e. liquidity position of the company. Investors, to know about the present and future profitability of the company and its financial structure. Management, in every aspect of the financial analysis. It is the responsibility of the management to maintain sound financial condition in the company. Financial statements provide a summarized view of the financial position and operations of a firm. Basic limitation of the traditional financial statements is that, they do not give all the information related to the financial operations of a firm. Nevertheless they provide some extremely useful information to the extent that the balance sheet mirrors the financial position on a particular date in terms of structure of assets liabilities and owners equities and profit and loss account shows the results of operations during certain period of time in terms the revenues obtained and cost incurred during the year. Therefore much can be leant about firm from a careful examination of its financial statements as invaluable documents. The analysis of financial statements is thus an important aid to financial analysis.
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The focus of financial analysis is on key figures in the financial statements and the significant relationship that exists between them. The analysis of the financial statement is a process of evaluating the relationship between component parts of financial statements to obtain a better understanding of the firms position and performance. Financial analysis in brief is the process of selection, relation, evaluation of relevant information. Financial ratios are essentially concerned with the identification of significant accounting data relationships, which give the decision-maker insights into the financial performance of a company. The advantages of ratio analysis can be summarized as follows: Ratios facilitate conducting trend analysis, which is important for decision making and forecasting. Ratio analysis helps in the assessment of the liquidity, operating efficiency, profitability and solvency of a firm. The comparison of actual ratios with base year ratios or standard ratios helps the management analyze the financial performance of the firm. Financial statement refers to statement Income statement or profit and loss account Balance sheet or position statement at the end of every year. Balance sheet: The balance sheet is the most significant financial statement. It indicates the firms financial solvency and liquidity. It communicates about assets, liabilities, owners equity. Profit and loss account: The earning capacity and potential of the firm are reflected by its profit and loss account. 2. STATEMENT OF THE PROBLEM
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Financial performance analysis of HDFC standard life to know the financial growth in market. Financial analysis is the technique which helps to know the financial position of the company. There is rising competition between HDFC Standard Life and other companies. Evaluate the performance of the company by using ratios as a yardstick to measure the efficiency of the company. OBJECTIVES OF THE STUDY Standardize financial information for comparison Analyze the capital structure of the company with the help of Leverage ratio Evaluate and analyze various facts of the financial performance of the company Make comparisons between the ratios during different periods To forecast the scale of the company for forthcoming year SCOPE OF THE STUDY
It is useful for the management. It gives information to the investors about the earning capacity of the business. With the help of Ratio Analysis comparison of profitability and financial soundness can be made between one firm and another. Current year's ratios are compared with those of previous years and if some weak spots are thus located remedial measures are taken to correct them. It gives information to the financial institution for providing the finance to the company It gives information to the taxation authorities. It gives information to the researchers for conducting research in respect of profitability, efficiency, financial soundness and growth of that company. METHODOLOGY
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Research methodology is a way to systematically solve the research problem. In it, stepby-step methods are followed to solve a particular problem. It refers to a search for knowledge. It can also be defined as a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art of scientific investigation. Research Design: Descriptive research is used in this study. The researcher had to use fact and information already available through financial statements of earlier years and analyse these to make critical evaluation of the available material. Hence by making the type of the research conducted to be both Descriptive and Analytical in nature. Data Collection Procedure: The required data for the study are basically secondary in nature and the data are collected from the audited reports of the company. Method of Analysis: The data collected were edited, classified and tabulated for analysis. The analytical tool used in this study is Ratio Analysis. Source of Data: Insurance company broacher IRDA web site Companies web sites Annual report of company Limitations of Study: Lack of information provided by HDFC Standard Life. It depends on past information. Only the last 5 years data is considered for the study.
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Only limited sample size had been considered for the study and therefore, the conclusions drawn based on this may not be a reflection of the entire industry
CHAPTER 2
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REVIEW OF LITERATURE
(RATIO ANALYSIS & ETRAPOLATION)
1.
RATIO ANALYSIS
The term Ratio refers to the numerical and quantitative relationship between two items or variables. This relationship can be exposed as Percentages Fractions Proportion of numbers Ratio analysis is defined as the systematic use of the ratio to interpret the financial statements. So that the strengths and weaknesses of a firm, as well as its historical performance and current financial condition can be determined. Ratio reflects a quantitative relationship helps to form a quantitative judgment. A. STEPS IN RATIO ANALYSIS The first task of the financial analysis is to select the information relevant to the decision under consideration from the statements and calculates appropriate ratios. To compare the calculated ratios with the ratios of the same firm relating to the past or with the industry ratios. It facilitates in assessing success or failure of the firm.
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Third step is to interpretation, drawing of inferences and report writing conclusions are drawn after comparison in the shape of report or recommended courses of action. B. BASIS OR STANDARDS OF COMPARISON Ratios are relative figures reflecting the relation between variables. They enable analyst to draw conclusions regarding financial operations. They use of ratios as a tool of financial analysis involves the comparison with related facts. This is the basis of ratio analysis. The basis of ratio analysis is of four types. Past ratios, calculated from past financial statements of the firm. Competitors ratio, of the some most progressive and successful competitor firm at the same point of time. Industry ratio, the industry ratios to which the firm belongs to Projected ratios, ratios of the future developed from the projected or pro forma financial statements C. NATURE OF RATIO ANALYSIS Ratio analysis is a technique of analysis and interpretation of financial statements. It is the process of establishing and interpreting various ratios for helping in making certain decisions. It is only a means of understanding of financial strengths and weaknesses of a firm. There are a number of ratios which can be calculated from the information given in the financial statements, but the analyst has to select the appropriate data and calculate only a few appropriate ratios. The following are the four steps involved in the ratio analysis. Selection of relevant data from the financial statements depending upon the objective of the analysis. Calculation of appropriate ratios from the above data.
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Comparison of the calculated ratios with the ratios of the same firm in the past, or the ratios developed from projected financial statements or the ratios of some other firms or the comparison with ratios of the industry to which the firm belongs. D. INTERPRETATION OF THE RATIOS The interpretation of ratios is an important factor. The inherent limitations of ratio analysis should be kept in mind while interpreting them. The impact of factors such as price level changes, change in accounting policies, window dressing etc., should also be kept in mind when attempting to interpret ratios. The interpretation of ratios can be made in the following ways. Single absolute ratio Group of ratios Historical comparison Projected ratios Inter-firm comparison E. CLASSIFICATIONS OF RATIOS The use of ratio analysis is not confined to financial manager only. There are different parties interested in the ratio analysis for knowing the financial position of a firm for different purposes. Various accounting ratios can be classified as follows: 1. Traditional Classification 2. Functional Classification 3. Significance ratios i. Traditional Classification It includes the following.
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Balance sheet (or) position statement ratio: They deal with the relationship
between two balance sheet items, e.g. the ratio of current assets to current liabilities etc., both the items must, however, pertain to the same balance sheet. Profit & loss account (or) revenue statement ratios: These ratios deal with the
relationship between two profit & loss account items, e.g. the ratio of gross profit to sales etc., Composite (or) inter statement ratios: These ratios exhibit the relation between
a profit & loss account or income statement item and a balance sheet items, e.g. stock turnover ratio, or the ratio of total assets to sales. ii. Functional Classification These include liquidity ratios, long term solvency and leverage ratios, activity ratios and profitability ratios. Liquidity ratio Leverage ratio Activity ratio Profitability ratio
iii.
Significance ratios Some ratios are important than others and the firm may classify them as primary and secondary ratios. The primary ratio is one, which is of the prime importance to a concern. The other ratios that support the primary ratio are called secondary ratios. 2. EXTRAPOLATION
Extrapolation is a statistical method of finding out the unknown values from facts given. It may be defined as an estimation of most likely figure of dependent variable from the given independent variables.
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Technique of estimating a probable figure for future is called extrapolation. A. Uses
It is method available to find the projections. For example, population forthcoming year. Predication of future or estimating the future, in economic planning, policy formation, etc Method of Extrapolation Used: Binomial Expansion Method This method is based on the binomial theorem. This is simple to understand and easy to calculate. This method is applicable when X variable advances by equal intervals i.e., 10, 20, 30 etc. If the increase is not uniform, for example 8, 15, 20 etc, then this method is not applicable.
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CHAPTER 3
RESULTS AND DISCUSSION

(ANALYSIS / DESIGN, INTERPRETATION OF RESULTS)
1. RATIO ANALYSIS A. LIQUIDITY RATIOS
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Liquidity refers to the ability of a concern to meet its current obligations as & when there becomes due. The short term obligations of a firm can be met only when there are sufficient liquid assets. The short term obligations are met by realizing amounts from current, floating (or) circulating assets The current assets should either be calculated liquid (or) near liquidity. They should be convertible into cash for paying obligations of short term nature. The sufficiency (or) insufficiency of current assets should be assessed by comparing them with short-term current liabilities. If current assets can pay off current liabilities, then liquidity position will be satisfactory. To measure the liquidity of a firm the following ratios can be calculated
(a) CURRENT RATIO
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Current ratio may be defined as the relationship between current assets and current liabilities. This ratio also known as Working capital ratio is a measure of general liquidity and is most widely used to make the analysis of a short-term financial position (or) liquidity of a firm.
Current Assets Current Ratio = Current Liabilities
(Amount in Rs.) Table 3.1 : Current Ratio Year 2006 2007 2008 2009 2010 Current Assets 3,866,559 5,325,536 8,575,727 9,643,629 7,744,120 Current Liabilities 2,687,296 3,905,497 6,251,168 9,029,038 12,469,202 Ratio 1.43 1.36 1.37 1.06 0.62
Graphical Representation
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Current Ratio 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2006 2007 2008 2009 2010 Year Graph 3.1 : Current Ratio of 5 Years
Ratio
Ratio
Interpretation HDFC standard life company is having a current ratio in year 2006 is 1.43 and in 2007 it reduced to 1.36, in the year 2008 current ratio increased further in 1.37. Again it starts reducing in the year 2009 is 1.06.But again the current ratio deteriorated in the year 2010 is 0.62. The above analysis of statement shows that the current ration is having negative trend. These is a moderate decrease in the financial year 2009 2010. This shows that company is not in liquid position to meet the current liabilities. So it is very difficult to meet its short term obligations also. In the year 2010, the cash is reduced compared to previous year because of payment of dividend. The advances reduced because employees set of their claims so that current assets are decreased. Here current ratio is below 1 (i.e., current liabilities exceeds current assets) for the year 2009 2010. This indicates that the firm may find difficult to pay its bills on time.
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(b) NET WORKING CAPITAL (NWC) NWC represents the excess of current assets over current liabilities. This is measured as a companys liquidity position.
Net Working Capital = Current Assets Current Liabilities
(Amount in Rs.)
Table 3.2 : Net Working Capital Year 2006 2007 2008 2009 2010 Current Assets 3,866,559 5,325,536 8,575,727 9,643,629 7,744,120 Current Liabilities 2,687,296 3,905,497 6,251,168 9,029,038 12,469,202 NWC 1,179,263 1,420,039 2,324,559 614,591 (4,725,082)
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Net Working Capital 3,000,000 2,000,000 1,000,000 0 -1,000,000 -2,000,000 -3,000,000 -4,000,000 -5,000,000 -6,000,000
NWC
2006
2007
2008
2009
2010
NWC
Year Graph 3.2 : Net Working Capital of 5 Years
Interpretation From the above graph it is clear that Net Working Capital gone down for the firm from 614,591 to (4,725,082). This is in reality deterioration in liquidity position. In the previous year the firm had Rs 1.06 of current assets for each Re current liabilities but by the end of current year the amount of current assets for each rupee of current liabilities declined to Rs 0.62. The lack or depletion of working capital due to management do not think of ploughing back the cash generated from profit made. Therefore Net Working Capital is not satisfactory.
(c) QUICK RATIO / ACID TEST

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Quick ratio is a test of liquidity than the current ratio. The term liquidity refers to the ability of a firm to pay its short-term obligations as & when they become due. Quick ratio may be defined as the relationship between quick or liquid assets and current liabilities. An asset is said to be liquid if it is converted into cash with in a short period without loss of value.
Quick Assets Quick Ratio = Current Liabilities
(Amount in Rs.) Table 3.3 : Quick Ratio Current Year 2006 2007 2008 2009 2010 Assets 3,866,559 5,325,536 8,575,727 9,643,629 7,744,120 Advances 1,86,534 4,26,305 6,98,444 1,424,882 1,494,653 Quick Asset 3,680,025 4,899,231 7,877,283 8,218,747 6,249,967 Current Liabilities 2,687,296 3,905,497 6,251,168 9,029,038 12,469,202 Ratio 1.36 1.25 1.26 0.91 0.50
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Graphical Representation Ratio
Quick Ratio 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2006 2007 2008 Year
Graph 3.3 : Quick Ratio of 5 Years
Ratio
Ratio
2009
2010
Interpretation The above table indicates that firm has less ability to meet it current liability through quick assets. So that the company has unfavorable quick ratio. As compared 4 previous years the quick ratio are satisfactory than current year. This ratio helps in identifying the ability to command cash without disposing inventories because it is assumed that inventory will not supply cash as readily as debtors or cash. Thus acid test is supposed to improved, stringent, vision of the current ration in measuring the liquidity of an enterprise.
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From the above table, it is depicted that ratios in year 2006 is 1.36, 1.25 in 2007 7 1.26 in 2008, 0.91 in the year 2009. It shows firm is having capable of meeting the short term obligations. But in 2010 the ratio comes down to 0.50 so that company does not have favorable quick ratio means not up to the ideal ratio.
(d) ABOSULTE LIQUIDITY RATIO Although receivable, debtors and bills receivable are generally more liquid than inventories, yet there may be doubts regarding their realization into cash immediately or in time. Hence, absolute liquid ratio should also be calculated together with current ratio and quick ratio so as to exclude even receivables from the current assets and find out the absolute liquid assets.
Absolute Liquid Assets Absolute Liquid Ratio = Current Liabilities
Absolute liquid assets include cash in hand etc. The acceptable forms for this ratio is 50% (or) 0.5:1 (or) 1:2 i.e., Rs.1 worth absolute liquid assets are considered to pay Rs.2 worth current liabilities in time as all the creditors are nor accepted to demand cash at the same time and then cash may also be realized from debtors and inventories. (Amount in Rs.) Table 3.4 : Absolute Liquidity Ratio Year 2006 2007 Absolute Liquid Assets 2,879,622 3,863,556 Current Liabilities 2,687,296 3,905,497 Ratio 1.07 0.86
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2008 2009 2010
4,493,238 4,108,660 2,826,362
6,251,168 9,029,038 12,469,202
0.71 0.45 0.22
Absolute Liquidity Ratio 1.2 1 0.8 Ratio 0.6 0.4 0.2 0 2006 2007 2008 2009 2010 Year Graph 3.4 : Absolute Liquidity Ratio of 5 Years Ratio
Interpretation The current assets which are ready in the form of cash are considered as absolute liquid assets. Here cash is the absolute liquid assets. In year 2010 the cash is decreased due to decrease in the deposit. At the same time current liabilities are increased so that the ratio is depicted to 0.22.
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B.
LEVERAGE RATIOS
The leverage or solvency ratio refers to the ability of a concern to meet its long term obligations. Accordingly, long term solvency ratios indicate firms ability to meet the fixed interest and costs and repayment schedules associated with its long term borrowings. The following ratio serves the purpose of determining the solvency of the concern. (a) PROPRIETORY RATIO A variant to the debt-equity ratio is the proprietory ratio which is also known as equity ratio. This ratio establishes relationship between share holders funds to total assets of the firm. Shareholders Funds Proprietory Ratio = Total Assets (Amount in Rs.) Table 3.5 : Proprietory Ratio Share Holders Year 2006 2007 Funds 6,331,725 8,360,441 Fixed Asset 6,04,514 7,36,054 Current Asset 3,866,559 5,325,536 Total Assets 4,471,073 6,061,593 Ratio 1.41 1.37
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2008 2009 2010
13,263,132 18,433,462 20,417,327
1,331,800 1,447,706 1,143,777
8,575,727 9,643,629 7,744,120
9,907,527 11,091,335 8,887,897
1.33 1.66 2.29
Proprietory Ratio 2.5 2 Ratio 1.5 1 0.5 0 2006 2007 2008 2009 2010 Year Graph 3.5 : Proprietory Ratio of 5 Years Ratio
Interpretation HDFC Standard Life, is having proprietory ratio of 1.41, 1.37, 1.33, 1.66, 2.29 in the year 2006, 2007, 2008, 2009 and in 2010 respectively. The above table shows that the ratio is increasing over the years. It denotes the company is having stronger financial position of enterprise.
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Higher proprietory ratio denotes that the shareholders have provided the funds to purchase the assets of the concern instead of relying on other sources of funds like bank barrowings, trade creditors etc. This ratio throw light on the general financial strength of the company over 5 years and from the analysis the financial position of the company is have good sound.
(b) INTEREST COVERAGE RATIO It is also known as time-interest-earned ratio. This ratio measures the debt servicing capacity of a firm insofar as fixed interest on long-term loan is concerned.
EBIT Interest Coverage Ratio = Interest Expense
EBIT = Operating Profit = Operating Revenue Operating Expense
(Amount in Rs.) Table 3.6 : Interest Coverage Ratio Operating Year 2006 2007 2008 2009 Revenue 15,469,501 28,226,248 48,176,166 55,183,763 Operating Expense 3,984,948 5,767,403 10,129,791 17,603,683 EBIT 11,484,553 22,458,845 38,046,375 37,580,080 Interest Expense Ratio
4,962 2,314.50 11,391 1,917.63 50,666 750.92 37,954 990.14

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2010
69,556,324
15,090,403
54,465,921
29,724
1,832.38
Interest Coverage Ratio 2,500.00 2,000.00 Ratio 1,500.00 1,000.00 500.00 0.00 2006 2007 2008 2009 2010 Ye ar Graph 3.6 : Interest Coverage Ratio of 5 Years Ratio
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C.
ACTIVITY RATIOS
Funds are invested in various assets in business to make sales and earn profits. The efficiency with which assets are managed directly effect the volume of sales. Activity ratios measure the efficiency (or) effectiveness with which a firm manages its resources (or) assets. These ratios are also called Turn over ratios because they indicate the speed with which assets are converted or turned over into sales. (a) WORKING CAPITAL TURNOVER RATIO Working capital of a concern is directly related to sales.
Working Capital Turnover Ratio = Current Assets - Current Liabilities
It indicates the velocity of the utilization of net working capital. This indicates the no. of times the working capital is turned over in the course of a year. A higher ratio indicates efficient utilization of working capital and a lower ratio indicates inefficient utilization. (Amount in Rs.) Table 3.7 : Working Capital Turnover Ratio Year Net Sales Net Working Capital Ratio
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2006 2007 2008 2009 2010
15469501 28226248 48176166 55183763 69556324
1,179,263 1,420,039 2,324,559 6,14,591 (4,725,082)
13.11 19.87 20.72 89.78 (14.72)
Working Capital Turnover Ratio 100 80 60 Ratio 40 20 0 -20 2006 2007 2008 2009 2010 Ratio
Year Graph 3.7 : Working Capital Turnover Ratio of 5 Years

Interpretation Income from the services is greatly increased due to the extra invoice for operations and maintenance fee and the working capital is also increased from past 3 years but in the 4th year i.e., 2009 it is come down to 614,591. In the year 2010 the net working capital is having the negative balance i.e., (4,725,082) because the current assets are less than the current liabilities. Due to huge increase in the current liabilities the overall net working capital as depicted.
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The above graph shows in the 2010 there is no control over the cash position.
(b) FIXED ASSETS TURNOVER RATIO It is also known as sales to fixed assets ratio. This ratio measures the efficiency and profit earning capacity of the firm. Higher the ratio, greater is the intensive utilization of fixed assets. Lower ratio means under-utilization of fixed assets.
Net Sales Fixed Assets Turnover Ratio = Net Fixed Assets (Amount in Rs.) Table 3.8 : Fixed Assets Turnover Ratio Year 2006 2007 2008 2009 2010 Net Sales 15,469,501 28,226,248 48,176,166 55,183,763 69,556,324 Net Fixed Assets 6,04,514 7,36,054 1,331,800 1,447,706 1,143,777 Ratio 25.58 38.34 36.17 38.11 60.81
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Fixe d Assets Turnover Ratio 70 60 50 40 30 20 10 0 2006 2007 2008 2009 2010 Year Graph 3.8 : Fixed Assets Turnover Ratio of 5 Years Ratio Ratio
Interpretation HDFC Standard Life is having the fixed assets turnover ratio 60.8 % in the year 2010. The fixed assets turnover ratio measures the effectiveness is generating sales from its investment in plant and property.
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D.
PROFITABILTY RATIOS
The primary objectives of business undertaking are to earn profits. Because profit is the engine, that drives the business enterprise. (a) PROFIT MARGIN RATIO Profit margin ratio this measures the relation between profit after tax and revenues of a firm. The profit margin is indicative of managements ability to operate the business with sufficient success not only recover from revenues of the period, the cost of merchandise or services, the expenses of operating the business and the cost of the borrowed funds, but also to leave a margin of reasonable compensation to the owners for providing their capital at risk.
Net Profit Profit Margin Ratio = Net Revenue
(Amount in Rs.) Table 3.9 : Profit Margin Ratio Year Net Profit Net Revenue Ratio
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2006 2007 2008 2009 2010
(1,287,572) (1,255,611) (2,435,094) (5,029,631) (2,751,844)
15,469,501 28,226,248 48,176,166 55,183,763 69,556,324
(0.08) (0.04) (0.05) (0.09) (0.03)
Profit Margin Ratio 0 -0.02 Ratio -0.04 Ratio -0.06 -0.08 -0.1 Year Graph 3.9 : Profit Margin Ratio of 5 Years
Interpretation The profit margin ratio is the overall measure of the firms ability to turn each rupee of income from services (revenue) in to net profit. HDFC Standard Life company is suffering from loss from the year 2006 2010 respectively. Event though having good sales and growth in the market company is not in the position to make profit.
2006
2007
2008
2009
2010
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There is a continues decrease in profit, the loss suffered by this company and also the percentage of loss from the year 2006 to 2010 is 0.08, 0.04, 0.05, 0.09 and 0.03. In the year 2006 it was facing more loss but later it went decreasing the loss. A high return margin would ensure adequate returns to the owners as well as enable a firm to withstand adverse economies conditions when revenue is declining, cost of production is rising and demand for the product is falling.
(b) RETURN ON EQUITY RATIO Shows the relationship between the profit and loss account and the equity (Net Worth) of the firm. Common or ordinary share holders are entitled to residual profit. Rate of dividend is not fixed; the earnings may be distributed to shareholders. Never the less, the profits after taxes represents their returns. A return on shareholders equity is calculated to see the profitability of owners investment. The shareholders equity or net worth will include paid up capital, share premium and reserves and surplus less accumulated losses. Net worth can also be found by subtracting total liabilities from total assets. The return on equity is net profit after taxes divided by shareholders equity which is given by net worth. Net Profit After Tax Return On Equity Ratio = Avg. Shareholders Equity
Beginning Share Holder Equity + Ending Share Holder Equity Avg. Shareholders Equity = 2
(Amount in Rs.)
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Table 3.10 : Return On Equity Ratio Beginning Net Profit Year 2006 2007 2008 2009 2010 After Tax (1,287,572) (1,255,611) (2,435,094) (5,029,631) (2,751,844) Shareholders Equity 1,316,269 3,165,972 3,939,077 6,379,641 65,203,40 Ending Shareholders Equity 3,165,972 3,939,077 6,379,641 6,520,340 5,752,361 Average Shareholders Equity 2,241,120.5 3,552,524.5 5,159,359 6,449,990.5 6,136,350.5 Ratio (0.57) (0.35) (0.47) (0.77) (0.44)
Return On Equity Ratio 0 -0.2 Ratio -0.4 Ratio -0.6 -0.8 -1 Year Graph 3.10 : Return On Equity Ratio of 5 Years 2006 2007 2008 2009 2010
Interpretation The ROE indicates how well the firm has used the resources of owners. In fact this ratio is one of the most important relationships in financial analysis. The earning of a satisfactory return is the most desirable objective of a business. The ratio of net profit to
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owners equity reflects the extent to which this objective has been accomplished. This will reveal the relative performance and strength of the companys in attracting future investments. There is continues decrease in rate of return on equity and also the percentage of increasing shareholders equity. HDFC Standard Life is not in the position to earn a better rate of return on equity from the year 2006 to 2010 respectively. Here the current year ratio is -0.44 which is greater than previous year i.e., -0.77. Comparatively current year relative performance of the company in attracting future investment is not good.
(c) RETURN ON ASSETS Profitability can be measured in terms of relationship between net profit and assets. This ratio is also known as profit-to-assets ratio. It measures the profitability of investments. The overall profitability can be known. Net Profit after Tax Return on Assets = Average Total assets
Beginning Total Assets + Ending Total Assets Avg. Total Assets = 2
(Amount in Rs.) Table 3.11 : Return On Assets Ratio Net Profit Year After Tax Beginning Total Assets Ending Total Assets Average Total Assets Ratio
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2006 2007 2008 2009 2010
(1,287,572) (1,255,611) (2,435,094) (5,029,631) (2,751,844)
1,874,848 4,471,073 6,061,593 9,907,527 11,091,335
4,471,073 6,061,593 9,907,527 11,091,335 8,887,897
2,329,460.5 5,266,333 7,984,560 10,499,431 9,989,616
(0.55) (0.23) (0.30) (0.47) (0.27)
Return On Assets Ratio 0 -0.1 -0.2 Ratio -0.3 -0.4 -0.5 -0.6 Year Graph 3.11 : Return On Assets Ratio of 5 Years Ratio 2006 2007 2008 2009 2010
Interpretation This is the ratio between net profit and total assets. It is an indicator of how profitable a company relative to its total assets.
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HDFC Standard Life is having the negative trend of Return on Asset ratio from the year 2006 to 2010. It gives an idea as the company is not efficiently using its assets to generate earnings. The above graph shows the company is ineffective in converting the money it has to invest in net income. The average total asserts position over these years is quite satisfactory. But net profit after taxes does not shows the positive trend over these years.
(d) NET RETENTION RATIO Net retention ratio is the relationship between net premium and gross premium. This measure the ability of the insurer to retain investment made by the insured(policyholder). The difference between net premium and gross premium is reinsurance ceded. Net Premium Income Net Retention Ratio = Gross Premium Income
Net Premium Income = Gross Premium Income Re Insurance Costs
(Amount in Rs.) Table 3.12 : Net Retention Ratio Year 2006 2007 Gross Premium 15,699,126 28,558,656 Re Insurance Costs 2,29,625 3,32,408 Net Premium 15,469,501 28,226,248 Ratio 0.98 0.98
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2008 2009 2010
48,585,616 55,646,937 70,051,044
4,09,450 4,63,174 4,94,720
48,176,166 55,183,763 69,556,324
0.99 0.99 0.99
Net Retention Ratio 0.992 0.99 0.988 0.986 0.984 0.982 0.98 0.978 0.976 0.974 2006 2007 2008 2009 2010 Year Graph 3.12 : Net Retention Ratio of 5 Years
Ratio
Ratio
Interpretation Reinsurance plays an important role in the insurance business of virtually every type. The service provided by the reinsurer is similar to that provided by the insurance company to
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their policyholders. In general insurance there are risks which, because of their magnitude or nature, one insurance company cannot afford to cover, such cases, an insurance company insures the whole risk itself and lays off the amount it has accepted to other insurance of reinsurance companies, retaining only that much risk which it can absorb. Here current years retention ratio is 99%. Company is retaining 99% of risk with itself, ceding 1% to the reinsurance. In the above 5 years comparatively the company is having the similar ratio. It shows how HDFC Standard Life is efficient in handling high risk.
(e) ADMINISTRATIVE EXPENSE RATIO Administrative Expense Administrative Expense Ratio = Net Revenue
(Amount in Rs.) Table 3.13 : Administrative Expense Ratio Year 2006 2007 2008 2009 2010 Administrative Expense 18,251,000 8,252,000 12,596,000 5,307,000 3,981,000 Net Sales 15,469,501 28,226,248 48,176,166 55,183,763 69,556,324 Ratio 1.17 0.29 0.26 0.09 0.05
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Administrative Expense Ratio 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2006 2007 2008 2009 2010 Year Graph 3.13 : Administrative Expense Ratio of 5 Years Ratio Ratio
Interpretation The expense ratio is very important for analyzing the profitability of the firm. It should compared over a period of time with the industry average. As a working proposition a
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lower ratio is favorable. The implication of high expenses is that relatively small percentage of share of revenue is available for meeting financial liabilities. In 2010 the HDFC Standard Life is having ratio 0.05 when compared to previous years i.e., 2009 (0.09). Current year ratio is lower so that expenses are come down as compared to previous year. Therefore this ratio is not up to the mark because expenses are to be very low than the sales so that it improves percentage of revenue available for meeting short term obligations.
(f) MANAGEMENT EXPENSE RATIO Shows the relationship between expenses and gross premium of the business. The management ratio explains the changes in the profit margin. This ratio is computed by dividing management expenses viz, operating expenses relating to insurance business excluding interest. Management Expense Management Expense Ratio = Gross Premium
(Amount in Rs.) Table 3.14 : Management Expense Ratio Year 2006 2007 2008 Management Expense 5214991 7902455 13704946 Gross Premium 15699126 28558656 48585616 Ratio 0.33 0.27 0.28
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2009 2010
21915907 20345376
55646937 70051041
0.39 0.29
Management Expe nse Ratio 0.5 0.4 Ratio 0.3 0.2 0.1 0 2006 2007 2008 2009 2010 Year Graph 3.14 : Management Expense Ratio of 5 Years Ratio
Interpretation
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A higher management expenses ratio is unfavorable since it will leave a small amount of operating income to meet interest dividend etc. To get a comprehensive idea of the behavior of operating expenses, variations in the ratio over a number of years should be analyzed. The year to year variation in the management expenses ratio are temporary in nature arising due to some temporary condition. This ration is a yard stick of operating efficiency of the firm. The above graph depicts that the HDFC Standard Life is having the management expense ratio is 0.029 in year 2010 as compared to 2009 previous year is lower. It shows that the company is trying to reduce its management expenses as low as possible therefore the company is in position meet other obligations.
2. EXTRAPOLATION By using the sales of last 5 years extrapolated sales for the year 2011, as shown below. Table 3.15 Year 2006 2007 2008 2009 2010 2011 Sales 15,469,501 28,226,248 48,176,166 55,183,763 69,556,324 ? Y0 Y1 Y2 Y3 Y4 Y5
Solution:
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Using Binomial Expansion Method, formula for extrapolating sales for the year 2011, based on lat 5 years data is given below.
Y5 5Y4 + 10Y3 10Y2 + 5Y1 Y0 = 0
By substituting the values, Y5 5 (69556324) + 10(55183763) 10(48176166) + 5(28226248) 15469501 = 0 Y5 347781620 + 551837630 481 761660 + 141131240 15469501 = 0 Y5 8450112781 + 692968870 = 0 Y5 152043911 = 0 Y5 = 152043911 Extrapolated sales for Year 2011 = 1, 52,043,911
Sales 160,000,000 140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 2006 2007 2008 2009 2010 2011 Year Graph 3.15 : Sales for last 5 years and forecasted sale for year 2011
Sales
Sales
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3. CASH FLOW STATEMENT An analysis of cash flow is useful for short run planning. A firm needs sufficient cash to pay debts maturing in the near future, to pay interest and other expenses and to pay dividends to shareholders. The cash balance can be matched with the firms needs for cash during the year, and accordingly, arrangements can be made to meet the deficit or invest the surplus cash temporarily. A statement of changes in financial position on cash basis, commonly known as the cash flow statement, summarizes the causes of changes in cash position between two balance sheets. Components of Cash Flow Initial investment Annual net cash flows Terminal cash flows
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Sources and uses of cash Sources Profitable operation Decrease in assets Increase in liabilities Sales proceeds Cash flow versus profit Cash flow should not be confused with the profit for 2 reasons. Profit measured by accountant, is based on accrual concept- revenue is considered when it is earned, rather than when cash received. Expenses are recognized when it is incurred, rather than when cash paid. Profit involves the entire revenue expenditure and while capital expenditure are not. Profit calculation charged capital expenditure which does not involves cash flow. Profit = Revenues- Expenses- Depreciation Cash Flow = Revenues- Expenses- Capital Expenditure Cash flow statement for the year ended March 31, 2010 Applications Loss from operations Increase in assets Decrease in liabilities Redemption of preference shares, and cash Dividends
2010
2009 Rs. 000 54,747,190 (5,414,218) (384,636) (4,136,736) (15,583,363) 100,004 (230,833) 355,744 ------------------29,453,152
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Rs. 000 Cash Flow From Operating Activities Amounts received from Policyholders 70,817,804 Amounts paid to Policyholders (12,053,422) Amounts received / (paid) to Reinsurers (312,168) Amounts paid as Commission (5,417,619) Payments to Employees and Suppliers (13,207,483) Deposit with Reserve Bank of India Income Taxes Paid (309,142) Other Income 303,213 ------------------Net Cash from Operating Activities 39,821,183
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Cash Flow From Investing Activities Purchase of Fixed Assets (217,752) Sale of Fixed Assets 5,444 Investments (Net) (48,767,468) Interest income 4,817,558 Dividend income 1,338,737 ------------------Net Cash from Investing Activities (42,823,418) Cash Flow From Financing Activities Issue of Shares during the year 1,720,000 ------------------Net Cash from Financing Activities 1,720,000 Net Increase in Cash and Cash Equivalents (1,282,298) Cash and Cash Equivalents as at the beginning of the year Cash and Cash Equivalents as at the end of the year 2,826,362 4,108,660 -------------------
(581,822) 319 (39,057,231) 3,805,029 745,975 ------------------(35,087,730) 5,250,000 ------------------5,250,000 (384,578) 4,493,238 ------------------4,108,660
Analysis of Cash Flow Statement: Operating Activities Here high profitable operation shows the firms cash inflow. A huge amount of inflow received from policyholders which remains positive after deducting all operating expenses. The operating expenses are, amounts paid to Policyholders, amounts received / (paid) to Reinsurers, amounts paid as Commission, taxes paid etc. these expenses paid reduces the current liabilities of the firm. Reduction in current liability shows cash outflow of the firm. But the reduction in the current asset is more than the reduction in current liability. So operating activity is profitable. Comparative analysis of cash flow statement shows that the amount received from policyholders increased by 16,070,614,000 is greater than increase in the amount paid to employees and suppliers.
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The amount paid to employees and suppliers is 2,375,880,000. So the cash flow from the operating activities increased to current year. The other cash flows received is decreased by 52,531,000. Investment Activities Here the purchase of fixed assets is more than the sale of fixed assets. There is increase in investments is 9,710,237,000. There is also increase in return on investment, purchase of assets. But huge increase in investment reflects decrease in cash flow from investment activities. The shares issued increase the cash inflow of the firm. The investment activities showing negative balance due to increase in investment.
Financial Activities This year the cash inflow is decreased by 4,238,000,000. It decreases the cash inflow of the firm. The overall net cash inflow is reduced due to over investment. The cash flow carry to the balance sheet is reduced to 2,826,362,000 from 4,108,660,000.
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CHAPTER 4
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FINDINGS SUGGESTION CONCLUSION
1.
FINDINGS OF THE STUDY OBJECTIVE WISE
A. FINDINGS ABOUT RATIO ANALYSIS Ratio analysis is a important tool for financial statement analysis. Here we studied various ratios to measurement of the financial performance such as liquidity ratios, leverage ratios, profitability ratios and activity ratios. In the previous chapters we made a detailed analysis of HDFC Standard Life from 2006 to 2010. The major findings are given below. a. The current ratio has shown fluctuating trend as 1.43, 1.36, 1.37, 1.06 and 0.62. During 2010, the ratio is declined because of decrease in current assets. b. The net working capital is also decreased in the year as the negative balance (4725082). c. Quick ratio is also having fluctuated over the 5 years. The quick assets are decreased in the year 2010 as compared to current liabilities.
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d. Proprietory ratio shows positive trend because shareholders funds are continuously increasing. e. Profit margin ratio does not have any profit over the 5 years. The loss is decreased in 2010 as compared to 2009. f. Return on equity and return equity and return on total assets both having negative trend over the 5 years because net profit after tax is not good. g. Net retention shows that the company is good at handling the risks. h. Management expenses and Administrative expenses ratio are decreasing as compared to previous year. So that company is able to meet its obligations. B. FINDINGS OF CASH FLOW STATEMENT HDFC Standard Lifes cash generating ability is not appropriate. The evaluation is based on quantum of cash flows from operating activities rather investing or financial actives. C. FINDINGS OF EXTRAPOLATION Extrapolation is a statistical tool estimates the next year sales. Here the sale for next year 2011 is estimated as double the previous year. 2. FINDINGS OF THE STUDY OBJECTIVE WISE
It can try to create awareness about this company through some programmes. There may be proper and immediate response in case of any queries from customers. It can concentrate to increase its sales revenue as finance is life blood of any business. It is able try to increase its profits through using better portfolios. There can be an outstanding after sales service which is one of the important factors. There may be more effective response in case of any incidents/events. Feedback information can be inculcated.
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It is able to concentrate on decreasing other expenses and it has to spend the expenses which are really required to the development of the company. Proper management is to be there and also it should supervise the activities of the company very well. It needs to be aware of its competitors to overcome from the competition and to get more market share. Customers should be made aware of the brand name of Insurance company through advertisement. The fear in the customer mind should be removed by company. The insurance companies should try to nurture their brand name timely and attractive facility provide to customer
3.
CONCLUSION
HDFC STANDARD LIFE has been one of the best life insurance service providers in India. It has the excellent quality service provider to their customer. The overall performance of HDFC STANDARD LIFE is good compared to other service providers.
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It got fifth position in the insurance industry. They share a very good rapport with the customers. The financial condition is not good from year to year. It is in loss condition from past five years. Its debt- equity ratio is good. Because of that the company is in a good condition to get survival in the market. It is selling more policies from year to year that means the sales percentage is increasing from many years it is the signal to the growth of the company. Presently it is incurring more expenses and market share is very less compare to other competitors like LIC, ICICI Prudential etc.
BIBLIOGRAPHY
Reference: To obtain more information regarding present study and to subordinate it with theoretical proof following references were made. Books: Financial Management I.M. Pandey
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Financial Management M.Y. Khan and P.K. Jain Statistics R.S.N, Pillai and V. Bagavathi Websites: www.hdfclife.com www.google.com www.investopedia.com www.creditguru.com
APPENDIX
1. Balance Sheet
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2.
Profit and Loss Account
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3.
Revenue Account
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4.
Summary of Financial Statements
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Financial Performance of HDFC Standard Life

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HDFC STANDARD LIFE

Financial Performance Analysis of HDFC Standard Life

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

1. INDUSTRY PROFILE A. Insurance: General Introduction

HDFC STANDARD LIFE

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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Present Scenario Life Insurance Industry In India:

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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Nature of the Business Carried:

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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Branch Locations Site Map:

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

HDFC STANDARD LIFE

Competitors Information: Life Insurance Corporation of India (LIC)

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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3 star service award

Financial Adviser Provider Awards

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Backup (branch office) - Personal Pensions 2003 Work Flow Model:

C H AN N EL D EVEL OPM EN T M ANA GER

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

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Future Growth and Prospects:

EAST POINT COLLEGE OF ENGINEERING FOR WOMEN

HDFC STANDARD LIFE

HDFC STANDARD LIFE