IDBI Federal Life net profit jumps 94% to Rs101 crore in FY18
IDBI Federal Life Insurance had clocked a net profit of Rs52 crore in 2016-17
New Delhi: IDBI Federal Life Insurance on Wednesday reported a jump of 94% in its net profit at Rs101 crore for the fiscal ended March 2017-18.
The company had clocked a net profit of Rs52 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% to Rs1,783 crore as against Rs1,565 crore in the preceding financial year.
The individual new business premium increased by 15% to Rs732 crore in 2017-18 from Rs634 crore in 2016-17. The persistency ratio on overall premium for 13 months as on February 2018 improved to 81% from 79% 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 31 March 2018 stood at Rs7,503 crore, up by 23% from Rs6,090 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.
- Tesla to cut workforce by 7%, sees smaller profit in Q4
- Wipro spins out govt business as separate segment
- Vibrant Gujarat meet: Ambani, Adani, Birla, others line up big investments
- Wipro announces 1:3 bonus; Q3 net profit rises 30%
- RIL to invest Rs 3 lakh crore in Gujarat in next 10 years : Mukesh Ambani
Editor's Picks »
- China said to offer path to end US trade imbalance
- BlackRock, Goldman said to move some fund managers to US if no-deal Brexit
- RBI governor Shaktikanta Das sees inflation assessment as a challenge
- Delhi HC sets aside arbitral award in favour of Reliance subsidiary over Airport Express metro line
- UP govt approves 10% quota for the poor
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies