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Mahindra Insurance Brokers Ltd. Declared 'Broker of the Year' at 18th Asia Insurance Industry Awards 2014

MUMBAI, November 6, 2014 /PRNewswire/ --

Mahindra Insurance Brokers Ltd. (MIBL), part of India's USD 16.5 billion Mahindra Group, was conferred the "Broker of The Year" award at the 18th Asia Insurance Industry Awards (AIIA) held in Taipei, Taiwan . Mr. K.R. Pherwani, Principal Officer, MIBL received the award on behalf of the company at a gala awards dinner on November 2, 2014, which also marked the opening of the 27th East Asian Insurance Congress.

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Now in its 18th year, the AIIA has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals in the market. The winners were chosen by a distinguished panel of 33 judges drawn from a global cross-section of industry leaders, regulators and experts. The Awards, hosted annually by Asia Insurance Review since 1997, are now a highlight of the insurance calendar in Asia .

"My congratulations to the entire team at MIBL on receiving this prestigious accolade. MIBL has not only been a profit-making and dividend-paying company from day one, it has also made a difference in the lives of thousands in rural India, epitomising the concept of shared value. This award is a clear validation of the success of the company's business model and its desire to drive positive change amongst its stakeholders, " said Anand Mahindra, Chairman, Mahindra Group .

"Abiding by its Core Values - good corporate citizenship, professionalism, a "customer first" mindset, focus on quality and recognizing the dignity of an individual - Mahindra Insurance Brokers has managed to maintain its exemplary reputation and leadership in an extremely competitive Indian market, by catering to the needs of the underserved, particularly in the rural and semi-urban areas, " said the Jury in its citation.

"I am especially delighted that MIBL has won the Broker of the Year award. This is an acknowledgment of the practices followed by our Group, and MIBL in particular, which foster an envisioning, empowering and energising culture; a culture that inspires diversity, innovation and inclusive growth, " said Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd, CEO - Financial Services Sector and Member of the Group Executive Board, Mahindra & Mahindra Ltd.

"The Broker of the Year award is a tribute to all the customers that we service, who are primarily based in rural India . Over the past decade, we have reached 100, 000 villages with our solutions and have serviced over 4 million insurance cases. In the three years that we have been in the Reinsurance broking business, we have been able to establish relationships in over 25 countries. We believe in enhancing customer delight, and enabling our customers to Rise by empowering them to create a better future for themselves, their families, and their communities, " said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance's rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions. Building on its strengths, MIBL aims to become India's leading insurance broker by 2015.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and has an AUM of over USD 5 billion . The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

Visit us at http://www.mahindrafinance.com

For further enquiries please contact:

Ruzbeh Irani

Chief Group Communications and Ethics Officer and

Member of the Group Executive Board

Mahindra Group

Phone: +91 22 2490 1441

Email: [email protected]

R. Balaji

Vice President - Strategy & Marketing

Mahindra & Mahindra Financial Services Ltd.

Phone: +91 22 6652 6000

Email: [email protected]

SOURCE Mahindra & Mahindra Financial Services Limited