Rs 133 crore profit for IDBI Federal Life in FY
Leading Indian life insurance company, IDBI Federal Life Insurance ...
Leading Indian life insurance company, IDBI Federal Life Insurance, in May reported a net profit of Rs 133 crore during FY19, a growth of 31 percent over FY18. This is the seventh consecutive year of profit for the organisation since it first declared profit in FY13. IDBI Federal witnessed an eight percent growth in Total Premium from Rs 1,783 crore in FY18 to Rs 1,933 crore in FY19 driven by a 19 percent growth in renewals and over 50 percent growth in credit life. The company has also announced a maiden dividend of 10 percent as recommended by the Board of Directors which will be paid out subject to approval in the AGM.
The organisation’s efforts to provide superior customer service and develop long-lasting relationships have borne fruit with 13th month persistency reaching 86 percent and the company being in the top quartile of all persistency buckets. Keeping customers’ preferences at the epicentre led to the fifth consecutive year of zero open complaints at the end of FY18-19 in the Integrated Grievance Management System (IGMS) of Insurance Regulatory and Development Authority of India (IRDAI).
Mr Vighnesh Shahane, MD and CEO, IDBI Federal Life Insurance said: “In FY2018-19, with a tight control on costs, a focus on underwriting and a leaner organisation, we have been able to serve our customers better which has resulted in improved scores on most parameters. We also implemented a slew of digital initiatives which enhanced the customer experience and helped bring in further efficiencies across our distribution channels.” In July 2018, IDBI Federal was the first new-age life insurance company to wipe out all accumulated losses.