Deepak Parekh steps down as as the Chairman and Non-Executive Director of HDFC Life Insurance

The net premium income of the insurer came in at Rs 20,488 crore, up 5.4 percent from Rs 19,426 crore in the year-ago quarter

Veteran banker Deepak Parekh has stepped down from the role of Chairman and Non-Executive Director of HDFC Life Insurance, the company said in an exchange filing on April 18.

“Deepak S Parekh has decided to step down as the Chairman and NonExecutive Director of the Company with effect from close of the business hours on April 18, 2024,” the company said.

The company also said that they have appointed Keki M Mistry as the Chairman of the Board. “The board has unanimously approved the appointment of Keki M Mistry as the Chairman of the Board with immediate effect subject to approval of Insurance Regulatory and
Development Authority,” the company said.

The insurer also said that VK Viswanathan and  Prasad Chandran shall cease to be Independent Directors of the Company after completing their two consecutive terms of five years each on April 24, 2024.

Moreover, the company also appointed Venkatraman Srinivasan as an Independent Director. “The board has approved the appointment of Mr Venkatraman Srinivasan as an Additional - Independent Director
effective April 18, 2024, for a term of 5 consecutive years subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company,” it said.

HDFC Life Insurance on April 18 reported a net profit of Rs 411 crore for the January-March quarter of financial year (FY) 2023-24, up by 14.8 percent from Rs 358 crore recorded in the year-ago period.