Deepak Parekh steps down as HDFC Life’s chairman and non-executive director; Keki Mistry appointed as the chairman of the board

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Deepak Parekh steps down as HDFC Life’s chairman and non-executive director; Keki Mistry appointed as the chairman of the board
Deepak Parekh steps down as HDFC Life’s chairman and non-executive director; Keki Mistry appointed as the chairman of the board

HDFC Life, meanwhile, revealed a 14% increase in its consolidated net profit for the fourth quarter, coming in at ₹411.64 crore.

The longtime banker Deepak Parekh will be leaving his position as chairman and non-executive director of HDFC Life as of April 18, 2024, at the close of business, the company announced in an exchange filing.

Being the founder chairman of the company, Parekh had played a pivotal role in building HDFC Life. “I am confident that the company is well-positioned for continued growth and success. I have been fortunate to witness remarkable achievements and alliances and leave with the confidence that HDFC Life will remain in strong, responsible and ethical hands, true to the culture of service with integrity,” Parekh said in his resignation letter.

Subject to the Insurance Regulatory and Development Authority’s approval, the board unanimously decided to name Keki Mistry as chairman of the board, effective immediately. Mistry is now serving in the capacity of a non-executive director and has been connected to the company since December 2000.

On April 24, 2024, VK Viswanathan and Prasad Chandran will finish their two consecutive mandates of five years each as independent directors of the firm, the company announced.

“Based on the recommendation of the nomination and remuneration committee, the board has approved the appointment of Venkatraman Srinivasan as an additional – independent director effective April 18, 2024, for a term of five consecutive years subject to the approval of the shareholders in the ensuing annual general meeting of the company,” HDFC Life said in an exchange filing.

HDFC Life, meanwhile, revealed a 14% increase in its consolidated net profit for the fourth quarter, coming in at ₹411.64 crore. During the quarter, net premium income increased by 5.47% to ₹20,533.71 crore. A final dividend proposal of ₹2 per share was made by the corporation.

HDFC Life’s stock ended the day 0.55% ahead. Although the stock has dropped more than 6% since the year’s start, it has gained more than 15% in the past 12 months.

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