General insurance The company offers general insurance products such as: Motor, health, travel, home and personal accident in the retail segment which accounts for 47% of its total business and Property, marine, aviation and liability insurance in the corporate segment Mutual funds HDFC provides mutual fund services through its subsidiary HDFC Asset Management accountingy Limited. The average assets under management (AUM) of HDFC Mutual Fund for the quarter Jul-13 to Sep-13 was INR 1.03 trillion. Operations HDFC's distribution network spans 396 outlets (including 109 offices of HDFC's distribution company HDFC Sales Private Limited) which cater to approx. 2,400 towns and cities spread across India. To cater to Non-Resident Indians, HDFC has offices in London, Singapore and Dubai and service associates in Middle East countries. The first overseas office was opened in Dubai in 1996 and in 2000's was expanded to London and Singapore. In addition, HDFC covers over 90 locations through its outreach programmes. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. Home loans are also sourced through HDFC Sales, HDFC Bank Limited and other third party Direct selling Agents (DSA). The corporation has 232 institutional owners and shareholders filing through 13D/G or 13F forms with the Securities Exchange Commission. Largest investor amongst them is Vanguard International Growth Fund. Major subsidiaries and associates HDFC's key associate and subsidiary companies include HDFC Bank Limited, HDFC Standard Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited, HDFC Asset Management Company Limited, GRUH Finance, HDFC Venture Capital Limited, HDFC RED, HDFC Sales Private limited and Credila Financial Services Private Limited. HDFC Bank HDFC holds 26.14% of shares in HDFC Bank. HDFC Bank sources home loans for HDFC for a fee. The key business areas of HDFC bank are wholesale and retail banking and treasury operations. On 31 March 2013, its market capitalisation was INR 1.5 trillion (US$27.31 billion), making it India's seventh largest publicly traded company. HDFC Standard Life Insurance Company Limited HDFC holds approx. 51.7% of shares in HDFC Life. Standard Life holds 49% shares as per latest Financial Statements. In September 2013, it was ranked third in terms of market share of private life insurance companies in India. On the same date, it had a network of approx. 72,000 financial consultants to sell its policies. HDFC Asset Management Company HDFC formed HDFC Mutual Fund as a joint venture with Standard Life Investments in 1999. HDFC