Standard Life To Increases Stake In HDFC Life

Mumbai: Standard Life, the UK-based life insurance company, has decided to raise its stake in HDFC Standard Life Insurance Company to 26 per cent from the current 14 per cent. The insurance company is a joint venture between Housing Development Finance Corporation (HDFC) and a group company of Standard Life, UK. HDFC holds 84.2 per cent of the equity in the joint venture. HDFC, of late, bought out 26 per cent stake of Chubb Corporation in HDFC Chubb General Insurance Company. Following this, HDFC has been scouting for a joint venture partner for its general insurance business.