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Star Union Dai Ichi Life Insurance Company (SUD Life), a joint venture between India's two leading public sector banks and Dai-ichi Life of Japan, has reported a 23.3 per cent growth in its retail business on an annualised basis.
This places SUD Life among very few Indian life insurers which have seen 20 per cent + growth in their retail business despite the slowdown in life insurance industry with retail business showing a negative growth of 3.4 per cent. Renewal premium income of the company also grew 18.2 per cent during the year.
Girish Kulkarni, Managing Director & CEO of SUD Life, said: "It was a year full of challenges. We are happy that SUD Life team could deliver growth during such tough times. This was possible due to our focus on basics and galvanising our efforts to increase branch productivity on core attributes of long-term savings and protection. We also intend to strengthen our multi-channel aspiration further by taking our agency network to 10000 in FY 2014-15.''
SUD Life's claim settlement ratio also remained at 96.8 per cent, which is among the highest reported during 2013-14, the life insurer said in a release.
"Market conduct parameters are extremely important for us while creating scale and visibility. We remain sensitive to customer aspirations and respond in a fair and best possible manner. Our products in the new product regime are also aligned with this philosophy and are simple and relevant to life-cycle needs of the middle class consumer," Kulkarni said.
Currently SUD Life has a product portfolio of eight individual and four group insurance products. It intends to stabilise its multichannel model in the current fiscal. It has 6000+ agents spread across 60+ locations and has produced about 20 crores in its first full-scale pan-India operations.
"Our aim is to improve on all parameters to ensure that we create a sustainable and profitable franchise. While we continue to grow, we are also ensuring that we remain cost-effective and keep our operational expenses at the desirable level. Despite all growth and new channel initiatives, our focus on cost containment remains intact," he said.
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