IDBI Federal Life Insurance today reported a jump of 94 per cent in its net profit at Rs 101 crore for the fiscal ended March 2017-18.
The company had clocked a net profit of Rs 52 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 per cent to Rs 1,783 crore as against Rs 1,565 crore in the preceding financial year.
The individual new business premium increased by 15 per cent to Rs 732 crore in 2017-18 from Rs 634 crore in 2016-17.
The persistency ratio on overall premium for 13 months as on February 2018 improved to 81 per cent from 79 per cent 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 March 31, 2018 stood at Rs 7,503 crore, up by 23 per cent from Rs 6,090 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.
Disclaimer: No Business Standard Journalist was involved in creation of this content
