Archive · 14 Nov 2025
HDFC Life MD Calls for More Disclosures from Unlisted Insurers
Imagine big insurance companies that are not listed on the stock market.
HDFC Life's CEO, Vibha Padalkar, thinks these companies should share more information with the public, just like companies that are listed.
This is because they handle a lot of people's money, and more openness means better accountability.
She also mentioned that when the government changed some taxes (GST) on insurance, it helped boost sales of protection plans, which is great!
However, these tax changes also increased costs for the companies.
So, she hopes the government will provide some tax relief, like a credit for taxes already paid, to help the insurance companies continue to grow and invest.
This will ensure that insurance remains a strong sector for everyone.
HDFC Life MD & CEO Vibha Padalkar advocates for increased public disclosures by large unlisted life insurance companies to enhance transparency and accountability.
She argues that companies holding significant public funds should disclose information as if they were listed entities, even if not mandatorily listed.
Padalkar highlighted a significant uptick in the protection segment following the zero GST on insurance premiums, with over 50% growth observed.
The insurance sector seeks GST input tax credit relief from the government to mitigate increased costs and solvency impacts, similar to relief provided to banks.
HDFC Life celebrated 25 years and aims to double its key financial metrics every four to four-and-a-half years, projecting a return to this growth trajectory from FY27.
- Who
- HDFC Life Insurance MD & CEO Vibha Padalkar
- What
- Called for greater transparency and accountability from large unlisted life insurance companies through increased public disclosures and sought GST input tax credit relief for the sector.
- When
- In a recent interview with businessline, discussing the current insurance landscape and the impact of recent GST changes.
- Where
- India
- Why
- To ensure accountability for public funds held by unlisted insurers and to alleviate the financial burden on insurance companies due to GST, enabling further investment and maintaining solvency.
Stance of HDFC Life MD
Current Scenario/Industry Practice
Public Disclosure Requirements for Large Unlisted Insurers
Stance of HDFC Life MD
Advocates for mandatory, comprehensive public disclosures from large unlisted life insurance companies, akin to listed entities, to ensure transparency and accountability for public funds. Believes limited disclosures by these companies are insufficient.
Current Scenario/Industry Practice
Currently, large unlisted life insurance companies hold substantial assets under management but make very limited disclosures. The previous 10-year listing horizon was removed.
GST Input Tax Credit (ITC) Relief for Insurers
Stance of HDFC Life MD
Requests government consideration for GST input tax credit relief for the life insurance sector to help companies invest more and lessen the burden, particularly for smaller companies facing solvency impacts and potential drying up of investments. Compares this to existing relief for banks.
Current Scenario/Industry Practice
Zero GST on insurance premiums has taken effect, leading to a significant uptick in the protection segment, but the sector is looking for additional relief on input tax.
- Company
- HDFC Life Insurance
- Spokesperson
- Vibha Padalkar (MD & CEO)
- HDFC Life Achievements
- Covering 11 crore lives, introducing relevant products, maintaining good corporate governance, doubling key metrics every 4-4.5 years.
- Growth Outlook
- Aiming to double key metrics from FY27 onwards despite recent disruptions.
- Impact of GST Reduction
- Over 50% growth in protection segment in September, 53% growth in retail sum assured in October.
- Key Industry Concern
- Limited disclosures by large unlisted insurers, impact of GST on costs and solvency, need for ITC relief.
