IndiaFirst Life Insurance on Thursday reported 46 per cent year-on-year growth in net profit at Rs 510 million during financial year 2017-18.
The private insurer's net profit stood at Rs 350 million in financial year 2016-17.
This is the fourth consecutive year of declaring profits for the company, since inception in 2009, it said in a release.
"We have been on a strong growth trajectory of new business with an equal focus on retention of existing business and generation of profits. We are proud at the all-round growth of the company, reflected in retail new business premium growth of 43 per cent, increase in 13th month persistency to 76 per cent and annual profit of Rs 510 million," said RM Vishakha, managing director and chief executive officer, IndiaFirst Life Insurance.
The company issued over 1840 million policies in FY18, compared with 1260 million policies in FY17, and collected a new business retail premium of Rs 5750 million in FY18, against Rs 4030 million in FY17, the release said.
Besides, the company paid death claims of over Rs 2350 million during 2017-18.
The company's gross collections stood at Rs 23090 million in 2017-18, of which new business premium was Rs 14970 million and renewal premium was at Rs 8120 million.
The 13th month persistency surged up to 76 per cent in FY18, from 74 per cent a year ago.
IndiaFirst Life had an asset under management (AUM) of Rs 126220 million as on March 31, 2018, compared with Rs 108580 million as on March 31, 2017.