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Private sector IndiaFirst Life Insurance reported 25 per cent increase in individual Annual Premium Equivalent (APE) in 2019-20 amounting to ₹850 crore.
Total new business APE grew by 19 per cent in 2019-20 to ₹1,141 crore against ₹961 crore in 2018-19.
“IndiaFirst Life has had a CAGR of 40 per cent in the last five years in the Individual New Business APE and was well on its way to deliver a higher growth rate for the current fiscal. This was dampened by the global pandemic impacting business in the month of March,” it said in a statement on Wednesday.
It also reported a gross collection of ₹3,360 crore for 2019-20 along with renewal premium income of ₹1,494 crore.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance, said, “The strategic investment in technology, BCP, VPN and digital processes enabled processing of all applications ensuring customer satisfaction. A strong growth of our bancassurance channel, and a steady performance across all our other channels has further fortified our differentiated distribution mix.”
The insurer reported a claim settlement ratio of 98.56 per cent and paid claims of over ₹346.82 crore.
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