Veteran banker Deepak Parekh steps down as chairman and non-executive director of HDFC Life

Veteran banker Deepak Parekh has decided to step down as the chairman and non-executive director of HDFC Life with effect from close of the business hours on April 18, 2024, the company said 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.

The board has unanimously approved the appointment of Keki Mistry as the chairman of the board with immediate effect subject to the approval of the Insurance Regulatory and Development Authority, it said. Mistry has been associated with the company since December 2000 and is currently acting as non-executive director.

Meanwhile, VK Viswanathan and Prasad Chandran will cease to be independent directors of the company, upon completion of their two consecutive terms of five years each on April 24, 2024, the company said.

“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.

Meanwhile, HDFC Life reported a 14% rise in its fourth quarter consolidated net profit at ₹411.64 crore. Net premium income rose 5.47% to ₹20,533.71 crore during the quarter. The company proposed a final dividend of ₹2 per share.

Shares of HDFC Life closed 0.55% higher on Thursday. The stock has lost over 6% since the beginning of the year but is up over 15% in the last one year.