IndiaFirst Life Insurance today reported 46 percent year-on-year growth in net profit at Rs 51 crore during financial year 2017-18.
The private insurer's net profit stood at Rs 35 crore in financial year 2016-17.
This is the fourth consecutive year of declaring profits for the company, since inception in 2009, it said in a release.
"We have been on a strong growth trajectory of new business with an equal focus on retention of existing business and generation of profits. We are proud at the all-round growth of the company, reflected in retail new business premium growth of 43 percent, increase in 13th month persistency to 76 percent and annual profit of Rs 51 crore," said RM Vishakha, managing director and chief executive officer, IndiaFirst Life Insurance.
The company issued over 1.84 lakh policies in FY18, compared with 1.26 lakh policies in FY17, and collected a new business retail premium of Rs 575 crore in FY18, against Rs 403 crore in FY17, the release said.
Besides, the company paid death claims of over Rs 235 crore during 2017-18.
The company's gross collections stood at Rs 2,309 crore in 2017-18, of which new business premium was Rs 1,497 crore and renewal premium was at Rs 812 crore.
“Our ranking in the industry has gone up by two notches at 13th from 15th a year ago.Growth is coming from individual regular premium at our company as we are cautious towards group single premium. We will always have individual APE as a focus area.I feel that focus on profitable topline growth is the sustainable long term option,'' said Vishaka.
IndiaFirst Life had an asset under management (AUM) of Rs 12,622 crore as on March 31, 2018, compared with Rs 10,858 crore as on March 31, 2017.