IDBI Federal Life Insurance today reported 7.14 per cent decline in net profit at Rs 26 crore for the quarter ended June 30.
The company's net profit stood at Rs 28 crore in the corresponding quarter of last year, IDBI Federal Life said in a statement.
The private insurer witnessed a growth of 84 per cent in total premium for first quarter at Rs 197 crore as compared to Rs 107 crore in the corresponding period of FY15.
Commenting on the results, IDBI Federal's CEO and Whole Time Director Vighnesh Shahane said, "The growth of the company can be attributed to growing new business premium and expanded in-force book. Further, the measures to improve frontline sales productivity, quality of business and selling longer tenured products are showing positive impact."
"Our clear growth strategy combined with a strong execution infrastructure has also helped us maintain best in class persistency, balanced opex ratio and improved renewal income," he said.
Total Premium (Individual) grew by 64 per cent during the quarter to Rs 165 crore as compared to Rs 101 crore in the same period of last year.
The new business premium surged by 186 per cent to Rs 120 crore during the first quarter as compared to Rs 42 crore in the same period last year.
New Business Premium (Individual) also surged 145 per cent to Rs 90 crore as compared to Rs 37 crore in the corresponding quarter last year.
Renewal premium grew by 19 per cent to Rs 77 crore as compared to Rs 65 crore last year.
The company's ranking improved to 11 from 16 for Individual Life New Business Premium.
The total market share amongst private players rose from 1.15 per cent in June 2014 to 2.37 per cent in June 2015 for Individual Life New Business Premium.
IDBI Federal Life Insurance is a joint-venture between IDBI Bank, Federal Bank and a multinational insurance giant Ageas.
