Mumbai (Maharashtra) [India], November 16: HDFC Life, one of India's leading life insurers, has won the prestigious Golden Peacock Award for Excellence in Corporate Governance for the year 2023. The Golden Peacock Awards Secretariat, Institute of Directors, India, adjudged the Awards under the Chairmanship of Hon'ble Justice M. N. Venkatachaliah, former Chief Justice of India and former Chairman, National Human Rights Commission of India and National Commission for Constitution of India Reforms.
The award was presented at the Golden Peacock Awards Presentation Ceremony in London in the presence of business and industry leaders during the 'IOD India's 2023 Annual London Global Convention on Corporate Governance & Sustainability', including the Global Business Meet at the House of Lords - UK Parliament in London.
Out of 370 entries, 162 applications were shortlisted, after careful scrutiny, for final selection through a three-tier Assessment Process. The Quality of shortlisted entries evidenced the amount of commitment to strive for excellence and desire to maintain high level of quality to achieve world-class status. An Assessment Group comprising of Corporate Governance, Sustainability, ESG and Risk Management experts was set up to assess the applications. Each application was reviewed by assessors independently, and was later discussed by the committee for normalization of assessments/reviews.
Speaking on the award, Vibha Padalkar - MD & CEO, HDFC Life said, "We are delighted to win the esteemed Golden Peacock Award for Excellence in Corporate Governance - 2023. We are thankful to the esteemed jury for this recognition. It stands as a testament to our high standards of Corporate Governance. We will continue on our journey to insure India driven by EPICC Values - Excellence, People Engagement, Integrity, Customer-centricity and Collaboration."
Narendra Gangan, General Counsel, Chief Compliance Officer & Company Secretary - HDFC Life, commented "It is a proud moment for us at HDFC Life. The Golden Peacock Award for Excellence in Corporate Governance - 2023 reaffirms our commitment to follow the highest standards of Corporate Governance. It is an integral part of our day-to-day work and is ingrained in our DNA, based on the core principles of integrity, transparency, accountability and responsible corporate conduct. We remain committed to our promise of ensuring transparency and clarity in all our proceedings as an organisation."
Established in 2000, HDFC Life Insurance Company Limited ('HDFC Life'/ 'Company') is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity, and Health. The Company has more than 60 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.
HDFC Life was promoted by erstwhile Housing Development Finance Corporation Limited (HDFC Ltd.), and Abrdn (Mauritius Holdings) 2006 Limited (formerly Standard Life (Mauritius Holdings) 2006 Limited), a global investment company. Consequent to implementation of the Scheme of Amalgamation of HDFC Ltd. with HDFC Bank, India's leading private sector bank ("Bank"), the Bank has become promoter of the Company, in place of HDFC Ltd, effective from July 1, 2023. The name/letter 'HDFC' in the name/logo of HDFC Life Insurance Company Limited (HDFC Life) belongs to HDFC Bank Limited.
HDFC Life has a nation-wide presence with its own branches and additional distribution touch-points through several tie-ups and partnerships. The count of distribution partnerships is over 300, comprising banks, NBFCs, MFIs, SFBs, brokers, and new ecosystem partners amongst others. The Company has a strong base of financial consultants.
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