Business Wire India
HDFC ERGO General Insurance, one of India’s key private insurance company has been conferred the Gold Shield award by Institute of Chartered Accountant of India (ICAI).
The award recognizes the highest standards adhered by HDFC ERGO General Insurance in their Financial Reporting for the year 2014-15.
HDFC ERGO was the only company amongst 175 participants to be awarded the Gold Shield for the year 2014-15. Mr. Samir Shah, Member of Executive Management & CFO received the award on behalf of the company from the jury head and chief guest Shri. M. Damodaran, Former Chairman of Securities and Exchange Board of India (SEBI) in a glittering ceremony held on February 06, 2016 at Kolkata.
Mr. Ritesh Kumar, Managing Director & Chief Executive Officer, HDFC ERGO General Insurance said, “Following the best practices of corporate governance is central to the functioning of HDFC Group of companies – it is part of the HDFC Group’s DNA.
Given the complex nature of insurance business, Financial Reporting for insurance companies requires extra effort to make it meaningful for multiple stakeholders who rely on the quality of information contained in the Annual Reports.
A Gold Shield from ICAI for being the best in the insurance sector is both a matter of pride and responsibility for HDFC ERGO.”
The ICAI Awards for Excellence in Financial Reporting are presented to corporates operating in India since 1958, with the objective to recognize and encourage excellence in preparation and presentation of financial information.
The ICAI Awards for Excellence in Financial Reporting are held across 13 categories.
On the basis of the degree of compliance with accounting standards, statutory guidelines and other relevant pronouncements in each category, a Gold Shield, a Silver Shield and a Plaque is awarded for the best, the second best and commendable entries, respectively.
A robust evaluation process is followed in which the awardees are selected by an external jury on a review of accounting practices adopted by the participants in the preparation of financial statements and policies adopted for disclosure.