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
Military Community Shows Financial Resilience, Growing Savings By 19% And Cutting Credit Card Balances By 23% Over Last Five Years, New USAA Bank Data Shows
USAA’s Military Financial Wellbeing Index highlights the impact of pandemic-era trends and inflation on service member... Read more
USAA Announces Scholarship For Military Spouses With Valero Alamo Bowl
San Antonio-area military spouses qualify to apply for a $7,500 scholarship. Read more
USAA Ranked #1 In Customer Satisfaction And Most Trusted On 2024 J.D. Power Individual Annuity Study
Nov 01 2024 SAN ANTONIO – USAA, a leading provider of insurance, banking, and retirement... Read more
USAA Calls For National Moment Of Veteran Connection On Veterans Day
On Nov. 11, “Connect with a Veteran” calls for all Americans to “Go Beyond Thanks” to show appreciation for thei... Read more
Two Way Street: New Survey From USAA Shows Driving Apps Help Connect Parents And Young Drivers On Importance Of Safe Driving, Leading To Safer Roads
Data Reveals 87% of App-Using Parents Feel Their Child’s Driving Improved, Citing Increased Awareness and Feedback Read more
USAA Named UTSA Athletics Official Military Appreciation Partner
Exciting new initiatives planned as part of partnership Read more