Mumbai:
IndiaFirst Life Insurance today said it has witnessed 43 percent jump in individual annual premium equivalent (APE) on a year-on-year basis, with a new retail premium collection of Rs 575 crore in 2017-18.
For the year FY 2017-18, gross collections stood at Rs 2,309 crore, with new business premium of Rs 1,497 crore and renewal premium at Rs 812 crore.
"We have registered a registered a year-on-year growth of 43 percent in individual annual premium equivalent (APE), with a new retail premium collection of Rs 575 crore by the end of fiscal 2018 from Rs 403 crore a year ago," a company statement said here.
The company recorded total new business APE of Rs 664 crore for the year from Rs 528 crore a year ago, hence witnessing Y-o-Y growth of 26 percent.
IndiaFirst Life issued over 1.83 lakh policies in 2017-18 as against 1.26 lakh policies in 2016-17, a Y-o-Y growth of over 55 percent.
The company said that the 13th month persistency surged to 76 percent in the fiscal year 2018 from 74 per ent a year ago.
During the financial year, IndiaFirst paid claims of over Rs 235 crore, it added.