Posting a 23 per cent growth in net profit for 2014-15, private insurer Exide Life Insurance today said it is poised to deliver more than twice the growth of the industry during the current fiscal.
Exide Life Insurance has registered a net profit of Rs 65.3 crore for the financial year 2014-15, compared to Rs 53 crore last year, the company officials said.
Total Premium Income is at Rs 2,027 crore, with a growth of 11 per cent over last year's Rs 1,830 crore, they said, adding that its Assets Under Management are at Rs 8,800 crore, with a growth of 15 per cent over last year's Rs 7,490 crore.
"Last year was a year of transition and change at Exide Life Insurance and amidst that we have successfully grown our business. The company's rebranding has seen positive associations for expanding our national footprint. Our well diversified distribution network coupled with best-in-class Protection, savings and investment plans, gained us more customers and helped increase market share," Company's MD & CEO Kshitij Jain said.
Exide Life Insurance Company Ltd (formerly ING Vysya Life Insurance Company Limited), which commenced operations in 2001, is 100 per cent owned by Exide Industries.
ING Vysya Life Insurance in May 2014 renamed as Exide Life Insurance Company following regulatory approval with the formal exit of The Netherlands-based ING Group from the insurance venture.
Responding to a question, Jain said, "...We will accelerate profit growth faster than the 23 per cent that we achieved last year, so be sure that we will see more than 23 per cent growth in profits."
"We are very clear that the industry is expected grow between 10-15 per cent in this year, and we as a business are poised to be able to deliver more than twice the growth of the industry ... So it should be at upwards of 30 per cent growth in this year."
"Upwards of 30 per cent is not a figure in isolation, it is linked to growth in the market....," he added.
