IndiaFirst Life Insurance reported a 20% rise in its net profit for the last financial year. The insurer’s net profit rose to Rs.61.60 crore, in comparison to a net profit of Rs.51.20 crore in FY17-18. The total premium collected by IndiaFirst Life Insurance during the period under review exceeded Rs.3,200. In comparison, the insurer’s premium collection in the previous year stood at Rs.2,309 crore.
IndiaFirst Life Insurance’s assets under management (AUM) touched Rs.15,153 crore, as on 31 March 2019. The insurer’s new business premium stood at Rs.2,073 crore, while its renewal premium touched Rs.1,140 crore during the period under review. In the preceding financial year (FY17-18), the insurer’s new business premium collection came up to Rs.1,497 crore, while the renewal premium touched Rs.812 crore.
Ms. R.M. Vishakha, the Chief Executive Officer and Managing Director of IndiaFirst Life Insurance, said the firm’s claim settlement ratio rose to 96% in FY19. She added that the company will continue focusing on improving cost efficiencies and productivity via customer retention.
The insurance company also mentioned that it has access to more customers through its numerous branches that include a total of 9,606 branches of Bank of Baroda, 2,367 regional rural banks, and 2,988 branches of Andhra Bank.
IndiaFirst Life Insurance commenced its operations in the year 2009. The insurance firm is promoted by Andhra Bank and Bank of Baroda. Andhra Bank holds a 30% stake in the insurance firm, while Bank of Baroda holds a 44% stake in the company. Carmel Point Investments India, which is owned by Warburg Pincus LLC, holds the remaining stake in the life insurance firm.
Source: The Times of India