HDFC Life, a leading life insurer in India, has been awarded the Silver Shield in Category-III for Life Insurance at the ICAI Awards for Excellence in Financial Reporting 2023-24. The prestigious award was presented by Honourable Union Minister of State Shri Arjun Ram Meghwal at a ceremony held in New Delhi. The ICAI Awards, organized by the Institute of Chartered Accountants of India since 1958, recognize companies that demonstrate outstanding financial reporting standards.
The award is a testament to HDFC Life’s commitment to transparency and good governance. The company’s financial statements, disclosure policies, and presentation of financial statements were thoroughly reviewed by the esteemed jury, and it was selected as one of the top two winners for its adherence to Indian Accounting Standards, statutory guidelines, and regulatory requirements. Notably, HDFC Life is the only life insurance company to feature among the awardees this year.
HDFC Life has been continuously working towards financially securing Indian citizens by offering a 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 while enabling them to achieve their long-term financial goals. HDFC Life’s commitment to its policyholders is reflected in its impressive 99.5% claim settlement ratio for FY24.
Niraj Shah, Executive Director & CFO of HDFC Life, expressed his pride and gratitude upon receiving the award. He emphasized that the award reinforces the company’s values of transparency and good governance. HDFC Life is committed not only to the financial security of its customers but also to sustainable and responsible business practices. The company continues to strengthen its governance framework while driving long-term value for its stakeholders and contributing towards a more resilient future. This recognition is a significant achievement for HDFC Life, and it underscores the company’s dedication to excellence in financial reporting and governance.