TIDMSL.
RNS Number : 1462W
Standard Life plc
14 August 2015
Standard Life plc
14 August 2015
Standard Life seeks regulatory approval to increase stake in
HDFC Life
Standard Life plc announces that, following the passing of the
Insurance Laws (Amendment) Act 2015 by the Indian Parliament, terms
have been agreed with HDFC to seek regulatory approval to take an
increased stake in HDFC Standard Life Insurance Company Limited
("HDFC Life") for a consideration of approximately GBP169m(#) .
This would take the total stake from 26% to 35%.
The conclusion of the transaction is subject to regulatory
approvals, including:
-- The Competition Commission of India
-- The Foreign Investment Promotion Board
-- Insurance Regulatory and Development Authority of India
Keith Skeoch, CEO of Standard Life plc, said: "Today's
announcement marks a strengthening of our well-established
relationship with HDFC. The proposed investment demonstrates our
long-term commitment to India and the future success of HDFC
Life."
(#) Conversion based on INR|GBP exchange rate of 101.1899 on 13
August 2015.
For further information please contact:
+44 (0) 131 245 8028*
Institutional Equity Investors +44 (0) 7515 298 608
Jakub Rosochowski +44 (0) 131 245 6466*
Neil Longair +44 (0) 7711 357 595
Media +44 (0) 131 245 5078*
Claire Burston +44 (0) 7738 301004
Group Secretariat
Paul McKenna +44 (0) 131 245 1168*
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
About Standard Life
-- Standard Life is a leading long term investment savings
business, established in Edinburgh in 1825.
-- Standard Life is a global business, employing around 6,500
people internationally, through businesses in the UK, Europe, North
America, Asia and Australia.
-- Around 4.5 million customers worldwide trust Standard Life
with their financial futures and the business is responsible for
administration of GBP302 billion of their assets (as at the end of
June 2015). Standard Life supports a further 20 million customers
through its Chinese and Indian joint venture businesses.
-- The Standard Life Investments brand offers truly global asset
management expertise with strong investment capabilities.
-- Wherever Standard Life operates in the world, it is motivated
by a sense of responsibility. That is what has helped it be a
sustainable business over the long term. Standard Life is proud to
be listed as a leader for corporate sustainability in its industry
in the Dow Jones Sustainability Indices (DJSI World and DJSI
Europe).
-- In the UK, Standard Life offers a range of individual and
group pensions, SIPPs, ISAs, annuities, life assurance, offshore
bonds, investment management, wealth management, tax and estate
planning services. By understanding and offering innovative
products and the right support, Standard Life makes it easier for
its customers and clients to plan ahead and feel more confident
about the future.
-- Standard Life plc is listed on the London Stock Exchange and
has around 1.2 million individual shareholders in over 50 countries
around the world. It is one of the top 500 companies worldwide, by
revenue, as listed in the 2015 Fortune Global 500.
-- You can follow Standard Life Group on www.twitter.com/StandardLifeplc
About HDFC Limited
-- HDFC was listed in October 1977 as a public limited company
specialising in providing housing finance primarily to individual
households and corporates for the purchase and construction of
residential housing.
-- HDFC is India's first retail housing finance company and is
currently one of the largest originators of housing loans in the
country.
-- As at June 30, 2015, HDFC had gross loans outstanding of Rs.
2,589.88 billion (US$ 40.60 billion). Since inception, HDFC has
financed 5.1 million housing units. 79% of shareholders in HDFC are
foreign investors. HDFC's market capitalisation as at June 30, 2015
stood at US$ 32 billion.
-- Over the years, the HDFC group has emerged as a strong
financial conglomerate in the Indian capital markets with a
presence in banking, life and general insurance, asset management,
venture capital and education finance.
About HDFC Life
-- HDFC Life was established in 2000 and was the first private
life assurance company to be granted a licence following the
liberalisation of the Indian insurance market.
-- HDFC Life is India's second largest private life company by
new business received premium, with a market share of 15.8% among
the private players for the 12 month period ending 31 March 2015,
supported by strong bancassurance distribution and a diversified
product range.
-- HDFC Life offers a range of 35 products which meet diverse
customer needs, such as protection, pensions, savings, investment,
health insurance and Group solutions.
-- The company continues to have one of the widest reaches among
new insurance companies, with over 414 branches in India and 8,300+
partner branches.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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