Non-public sector IndiaFirst Life Insurance coverage reported 25 per cent improve in particular person Annual Premium Equal (APE) in 2019-20 amounting to ₹850 crore.
Complete new enterprise APE grew by 19 per cent in 2019-20 to ₹1,141 crore in opposition to ₹961 crore in 2018-19.
“IndiaFirst Life has had a CAGR of 40 per cent within the final 5 years within the Particular person New Enterprise APE and was effectively on its technique to ship a better development fee for the present fiscal. This was dampened by the worldwide pandemic impacting enterprise within the month of March,” it stated in an announcement on Wednesday.
It additionally reported a gross assortment of ₹3,360 crore for 2019-20 together with renewal premium revenue of ₹1,494 crore.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance coverage, stated, “The strategic funding in expertise, BCP, VPN and digital processes enabled processing of all functions guaranteeing buyer satisfaction. A robust development of our bancassurance channel, and a gradual efficiency throughout all our different channels has additional fortified our differentiated distribution combine.”
The insurer reported a declare settlement ratio of 98.56 per cent and paid claims of over ₹346.82 crore.