HDFC Life, a leading life insurer in India, has been awarded the Silver Shield in Category-III – Life Insurance at the ICAI Awards for Excellence in Financial Reporting 2023-24. This prestigious award was presented to HDFC Life by Union Minister Arjun Ram Meghwal at a ceremony in New Delhi. The award recognizes companies that demonstrate outstanding financial reporting standards, and HDFC Life is the only life insurance company to receive this honor this year.
The Institute of Chartered Accountants of India (ICAI) has been recognizing companies with excellent financial reporting standards since 1958. The winning companies are selected based on their adherence to Indian Accounting Standards, statutory guidelines, and regulatory requirements. HDFC Life’s commitment to its policyholders is reflected in its 99.5% claim settlement ratio for FY24.
As a company that aims to financially secure Indian citizens, HDFC Life has been on a continuous journey to offer a wide range of life insurance solutions. The company has provided financial protection to millions of customers and their families, serving as a safety net in times of need. HDFC Life’s commitment to its policyholders is reflected in its 99.5% claim settlement ratio for FY24.
Niraj Shah, Executive Director and CFO of HDFC Life, states, “This is a proud moment for all of us at HDFC Life. This award reinforces our values of transparency and good governance. At HDFC Life, we are committed not only to the financial security of our customers but also to sustainable and responsible business practices. We continue to strengthen our governance framework while driving long-term value for our stakeholders and contributing towards a more resilient future.”
This recognition is a testament to HDFC Life’s commitment to transparency and good governance, as well as its dedication to providing financial security to its customers. The company’s excellent financial reporting and governance practices have been recognized by the ICAI, making it a benchmark for other insurance companies in the industry.