IDBI Federal Life Insurance, amongst the leading life insurance companies in India, has reported a net profit of Rs 101cr during FY18, up 94 pc over FY17.
This is the 6th consecutive year of profits since it first declared profits in FY13.
With renewal premium growing up by 23 pc to Rs 950 crore, the life insurer's total premium has risen by 14 per cent to 1,783 crore in 2017-18. IDBI Federal’s total premium rose by 14 pc to Rs 1,783 cr for FY18, as compared to Rs 1,565cr in FY17. The individual new business premium saw a rise of 15 pc to Rs 732 cr in FY18 from Rs 634 cr in FY17.
The Persistency Ratio on Overall Premium for 13th month (as on Feb’18) saw an improvement to 81% from 79% in the prior period.
Vighnesh Shahane, CEO, IDBI Federal Life Insurance said: “Our customer-focused approach and enhanced tech capabilities across operational processes resulted in boosting of the persistency ratio. This coupled with our continuous effort of bringing in efficiencies in the distribution channels – digital and relationship-based – has helped us achieve consistent year-on-year delivery of superior results.”
Shahane further added, “Our efforts in the coming year will bein line with our purpose, as we implement digital endeavours designed to improve and enhance the entire customer experience from onboarding till policy issuance, as well as further increase process efficiencies. We will also focus on broad-basing our product suite, and scale up our analytics in more aspects of the business.”