MPW 2022: How HDFC Life Insurance CEO Vibha Padalkar steered her company through multiple challenges

The past year ushered unexpected changes for Vibha Padalkar, starting with the Covid-19 crisis transitioning into a geopolitical one. However, the HDFC Life Insurance CEO came out with flying colours. “Despite very trying times during the two-year pandemic, our two-year CAGR of 17 per cent was almost two times the industry growth of 9 per cent,” says Padalkar, part of the Business Today Most Powerful Women in Business 2022 list. She explains that her company’s well-diversified distribution network allows it to compensate for volatility in any one segment. “We clocked a growth of 16 per cent in individual weighted received premium (WRP, a measure of premiums collected every year) in FY22 with a market share of 14.8 per cent and 9.3 per cent in the private and overall sector, respectively.”

While ensuring the company’s growth, Padalkar also successfully concluded the merger with Exide Life, the first such transaction in the Indian life insurance sector. “The post-merger integration and synergy realisation from the combined business is progressing as per plan. The newly added distribution partners now have access to HDFC Life’s products and digital capabilities,” she says.

This year has come with its fresh set of challenges. “For life insurers, the recent Budget announcements were a double whammy. Despite the proposed tax changes, we believe that life insurance can continue to offer differentiated products to cover mortality, longevity and interest rate risks,” she says. No doubt, Padalkar’s steady hand will once again steer through more challenges.