IndiaFirst Life Insurance on May 20 said its net profit in 2018-19 grew 20 per cent to Rs 61.60 crore as against Rs 51.20 crore a year ago.
IndiaFirst said it has crossed Rs 3,200 crore of total premium during the financial year ended March 2019.
The company's premium in the preceding year 2017-18 was Rs 2,309 crore.
Commencing operations in 2009, the company's asset under management (AUM) stood at Rs 15,153 crore as on March 31, 2019, IndiaFirst Life said.
The new business premium was Rs 2,073 crore and renewal premium of Rs 1,140 crore in the fiscal ended March 2019, compared to new business premium collection of Rs 1,497 crore and renewal premium collection of Rs 812 crore in 2017-18, it said.
"The company's claim settlement ratio climbing to 96 percent in FY19 will enable us to pose faith and trust amidst our customers. As we enter into the 10th year of business, we will continue to focus on improving productivity and cost efficiencies through customer retention," said, R M Vishakha, managing director and chief executive officer, IndiaFirst Life.
The company further said it will now have wider customer access through 26 percent increased branches, which includes 9,606 Bank of Baroda branches (Dena Bank and Vijaya Bank merged with the Bank of Baroda, in the recent past), 2,988 Andhra Bank branches and 2,367 regional rural banks (RRB), across the country.
The company is equipped to deliver on higher expectations with a 37 percent growth in workforce by the end of 2018-19 as compared to that of 2017-18, it said.
"With the parent group, Bank of Baroda becoming the third-largest bank in India, and with the private equity firm Warburg Pincus, buying out erstwhile partner Legal and General's stake, we are poised for the next phase of growth," Vishakha said.
The life insurer is promoted by Bank of Baroda and Andhra Bank, which hold 44 percent and 30 percent stakes in the company, respectively.
Carmel Point Investments India Pvt Ltd, owned by the private equity funds managed by Warburg Pincus LLC, holds 26 percent stake in IndiaFirst Life.