IDBI Federal Life Insurance Net Rises 22 Per Cent To ₹162 Crore In FY20
Money & Banking
IDBI Federal Life Insurance reported a 22 per cent increase in its net profit to ₹162 crore in 2019-20.
“This is the eight consecutive year of profit for the organisation since it first declared profit in 2012-13,” the private sector life insurer said in a statement on Monday.
However, its total premium declined 4.65 per cent to ₹1,843 crore in 2019-20 from ₹1,933 crore in 2018-19.
Renewal premium grew 14 per cent year-on-year to ₹1,282 crore last fiscal.
“While 2019-20 has been a challenging year for the organisation, we have taken a number of steps to steady the course. We focussed on growing distribution footprint primarily through our proprietary channels, while continuing to strengthen bottomline parameters such as costs, surrenders, claims, profit after tax and solvency margin,” said Vighnesh Shahane, Managing Director and CEO, IDBI Federal Life Insurance.
Its solvency ratio stood at 298 per cent in 2019-20, down from 334 per cent a year ago.
Assets under management grew seven per cent to ₹9,775 crore in 2019-20 from ₹9,107 crore in 2018-19.
Published on
May 11, 2020
IDBI Federal Life Insurance reported a 22 per cent increase in its net profit to ₹162 crore in 2019-20.
“This is the eight consecutive year of profit for the organisation since it first declared profit in 2012-13,” the private sector life insurer said in a statement on Monday.
However, its total premium declined 4.65 per cent to ₹1,843 crore in 2019-20 from ₹1,933 crore in 2018-19.
Renewal premium grew 14 per cent year-on-year to ₹1,282 crore last fiscal.
“While 2019-20 has been a challenging year for the organisation, we have taken a number of steps to steady the course. We focussed on growing distribution footprint primarily through our proprietary channels, while continuing to strengthen bottomline parameters such as costs, surrenders, claims, profit after tax and solvency margin,” said Vighnesh Shahane, Managing Director and CEO, IDBI Federal Life Insurance.
Its solvency ratio stood at 298 per cent in 2019-20, down from 334 per cent a year ago.
Assets under management grew seven per cent to ₹9,775 crore in 2019-20 from ₹9,107 crore in 2018-19.
Published on
Former Army Maj. Gen. John B. Richardson IV Joins USAA To Lead Military Affairs
Two-star general and decorated combat veteran to bring forward-looking vision in continued service to military members a... Read more
Steeped In Tradition: USAA Kicks Off 124th Army-Navy Game Celebrations In A Massive Way, Honoring 250th Anniversary Of The Boston Tea Party
USAA honors history of rivalry game and the city, bringing giant bag of tea to Boston’s historic sites Read more
USAA Life Insurance Announces New Relationship With Trust & Will
USAA Life Insurance Company, a leading financial services brand for military members and their families, and Trust &... Read more
“Go Beyond Thanks:” New Survey Reveals We Should Do More Than Simply Thank Our Veterans For Their Service
Data Reveals Half of Military/Veterans Surveyed Feel Uncomfortable or Awkward When Someone Says the Phrase “Thank You ... Read more
USAA Expanding Education Program To Include Tuition-Free Support For Employees And Employee Dependents
Company also announces student loan 401(k) contribution match up to 8% Read more
USAA Life Insurance Company Introduces Fixed Indexed Annuity
New product provides tax-deferred growth along with principal protection to help build retirement savings. Read more