New Delhi: IDBI Federal Life Insurance on Wednesday reported a jump of 94% in its net profit at Rs101 crore for the fiscal ended March 2017-18.
The company had clocked a net profit of Rs52 crore in 2016-17. This is the 6th consecutive year of profits since it first declared profits in 2012-13, the company said in a statement. The total premium during the year grew by 14% to Rs1,783 crore as against Rs1,565 crore in the preceding financial year.
The individual new business premium increased by 15% to Rs732 crore in 2017-18 from Rs634 crore in 2016-17. The persistency ratio on overall premium for 13 months as on February 2018 improved to 81% from 79% in the prior period, IDBI Federal Life said.
“Our customer-focused approach and enhanced tech capabilities across operational processes resulted in boosting of the persistency ratio,” said Vighnesh Shahane, CEO, IDBI Federal Life Insurance. The assets under management as on 31 March 2018 stood at Rs7,503 crore, up by 23% from Rs6,090 crore at end of March 2017.
IDBI Federal Life Insurance Co is a joint-venture of state-owned IDBI Bank, private sector Federal Bank and Europe based insurance company Ageas.