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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.
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