IDBI Federal Life Insurance's FY18 net profit up by 94% at INR
Chennai, 25thApril, 2018: IDBI Federal Life Insurance, amongst the leading life insurance companies in India, has reported a net profit of INR 101cr during FY18, a growth of 94% over FY17. This is the 6th consecutive year of profits since it first declared profits in FY13.
IDBI Federal’s total premium rose by 14% to INR 1,783 cr for FY18, as compared to INR 1,565cr in FY17. The individual new business premium saw a rise of 15% to INR 732 cr in FY18 from INR 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.
Speaking on the organisation’s performance during the year, Mr. 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.”
Mr. Shahane further added, “Our intrinsic purpose at IDBI Federal is to empower our customers to create the life and lifestyle of their choice. Our efforts in the coming year will be in 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.”
The Board of Directors of IDBI Federal Life Insurance have approved and adopted the financial results for FY18.