Vibha Padalkar Is Now The CEO, MD Of HDFC Life

HDFC Standard Life Insurance has appointed Vibha Padalkar as its new Managing Director and CEO. Padalkar will serve the position for a period of three years with effect from Wednesday.

Here's why you should know more about this gutsy lady:

1. Padalkar has earlier worked with PriceWaterCooperhouse, Colgate-Palmolive and WNS Global Services.

2. She is a registered chartered accountant with the Institute of Chartered Accountants in India (ICAI). She is also a member of the Institute of Chartered Accountants in England and Wales.

3.  Padalkar joined HDFC Life in August 2008. She has been leading the finance, investor relations, legal, secretarial and compliance, internal audit and risk functions.

4. The new MD-CEO, before her elevation, served as the insurer’s Executive Director and Chief Financial Officer.

5. In her new role, she will be leading country's largest private sector life insurer in terms of new business premium collection.

6. This elevation comes after Amitabh Chaudhry resigned as the chief of HDFC Standard Life Insurance. Chaudhry has now joined Axis Bank as Managing Director and CEO.

7. Padalkar's appointment came after a meeting of the board of directors of the life insurer. The Nomination and Remuneration Committee recommended the elevation and appointment.

8. The ICAI honoured her with the ‘CA CFO – Insurance Sector’ award in 2011. The IMA also awarded her for “Excellence in Financial Control, Compliance and Corporate Governance” in 2013.

9. “The terms of appointment are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India,” the company said in a regulatory filing.

10. “It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders. We have a strong team in place that has delivered over the years to make HDFC Life an industry leader and we hope to continue with this track record, delivering more value as we go along,” Padalkar said on her appointment.

The board also appointed Suresh Badami, the Chief Distribution Officer, as a whole-time director of the company for a period of three years. HDFC Life, after listing on the exchanges in November 2017, is one of the most valuable private life insurers. It is also the largest in the private sector by new business premium collection.

Photo credit: Reddif

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