HDFC International Life and Re Company Limited (HDFC International Life & Re), a wholly owned subsidiary of HDFC Life, is the first full life re-insurer to start operations out of Dubai International Finance Centre (DIFC) and is regulated by the Dubai Financial Services Authority (DFSA).
Its business consists of both treaty and facultative reinsurance arrangements assumed from ceding companies in the GCC region, relating to a broad range of life insurance product lines covering individual life, group life and group credit life.
In a recent research update by S&P Global, HDFC International Life & Re has been assigned a long-term insurer financial strength rating of “BBB” with a stable outlook.
According to S&P Global, “The rating reflects our assessment of the company as a startup reinsurer, albeit one operating in the relatively low-risk life reinsurance space, supported by extremely strong capital adequacy and abundant liquidity.”
S&P Global also adds that “The stable outlook reflects our view that HDFC Life Re will maintain its extremely strong capital adequacy and low risk tolerance, while gradually increasing its premium base in both the United Arab Emirates and the wider Middle East and North Africa region, and start reporting profitable results on a technical as well as on an overall basis.”
Vibha Padalkar, Chairman of the Board of HDFC International Life & Re, and Managing Director & CEO of HDFC Life, the parent company, said “HDFC International Life & Re is our first overseas foray and we remain committed to its continued success. This rating reflects our robust capital shield, strong liquidity profile and a balanced risk portfolio. HDFC International Life & Re will continue to develop tools and platforms to support our clients.”
Sameer Yogishwar, Chief Executive Officer, HDFC International Life & Re, commented – “This rating assignment by S&P Global underscores our effective strategy of operating as a nimble and niche life reinsurer in the region. We value the requirements of our clients and therefore create and offer ingenious risk solutions that best complement their operating models and strategic objectives.”
