Private life insurer IndiaFirst Life Insurance on Wednesday said it has reported a 25 per cent growth in individual annual premium equivalent (APE) to Rs 850 crore in the fiscal ended March 31, 2020.
The company had reported a retail APE of Rs 681 crore in FY19.
APE is an insurance sector metric for annual premiums.
"Given the uncertainty of the present times and the challenging macro-environment, we have successfully closed this financial year with a 25 per cent year-on-year growth in individual APE," the company's Deputy CEO Rushabh Gandhi said in a release.
The renewal premium income stood at Rs 1,494crore, as against Rs1,140 crore in FY19.
Total new business APE grew by 19 per cent to Rs 1,141crore as compared to Rs 961crore.
Its claim settlement ratio stood at 98.56 per cent and the company paid claims in excess of Rs 346.82crore in FY20.
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