HDFC Standard Life plans capital infusion of Rs 350 cr in FY10

MUMBAI: HDFC Standard Life, on Friday said it plans to infuse around Rs 350 crore for its expansion this fiscal.

"Last fiscal, we infused around Rs 525 crore. This year too there will be capital addition but not as it was during the previous year. We plan to infuse around Rs 350 crore of capital this fiscal," HDFC Standard Life's Executive Director, Principal Officer and Executive Officer, Paresh Parasnis, said.

The infusion of the capital would be spread over the year, he said.

Currently, HDFC Standard Life, a joint-venture between mortgage lender HDFC and UK-based Standard Life Plc has a paid-up capital of Rs 1,796 crore.

The company would go at a slower pace in terms of expansion and do a need-based expansion this fiscal, he said.

"We would focus more on improving our productivity and efficiency," he said.

The company's generated a total premium income of Rs 5,564.69 crore in FY 09 as against Rs 4,858.56 crore in FY 08, registering a year-on-year growth of 15 per cent.

Its renewal premium also saw a growth of 34 per cent at Rs 2,913.58 crore for the fiscal as compared to Rs 2,173.19 crore in the previous year.