DHFL Pramerica Life breaks even in sixth year of operations

Private insurer DHFL Pramerica Life Insurance (DPLI) today said it achieved break-even in 2013-14, its sixth year of operations.
For the first time, the company reported a small net profit, making it one of the fastest companies to break even in the life insurance industry, DPLI said in a release here.
"We have achieved a break-even in just six years of our operations. In an industry challenged by falling margins, coupled with reduction in new business premium, this is a significant achievement. We are very encouraged by our results and view this performance as the beginning of our journey to greater success and profitability," DPLI Managing Director and CEO Anoop Pabby said.

DPLI recorded an over 29 per cent growth in gross written premium to Rs 306 crore in 2013-14 and added over 4 lakh customers.
As of March 31, the company's total sum assured was about Rs 6,600 crore and assets under management stood at Rs 721 crore.
DPLI has a healthy solvency ratio of 537 per cent against the regulatory requirement of 150 per cent.
The private insurer is a joint venture between Dewan Housing Finance Corp and Prudential International Insurance Holdings, a fully owned subsidiary of US-headquartered Prudential Financial Inc.
DPLI, earlier known as DLF Pramerica Life Insurance Co, started operations in India in September 2008.