IndiaFirst Life Insurance sees 43% jump in APE over last yr

IndiaFirst Life Insurance today said it has witnessed 43 per cent jump in individual annual premium equivalent (APE) on a year-on-year basis, with a new retail premium collection of Rs 575 crore by the end of fiscal 2018.

"We have registered a registered a year-on-year growth of 43 per cent in individual annual premium equivalent (APE), with a new retail premium collection of Rs 575 crore by the end of fiscal 2018 from Rs 403 crore a year ago," a company statement said here.

The company recorded total new business APE of Rs 664 crore for the year from Rs 528 crore a year ago, hence witnessing Y-o-Y growth of 26 per cent.

For the year FY 2017-18, gross collections stood at Rs 2,309 crore, with new business premium of Rs 1,497 crore and renewal premium at Rs 812 crore.

IndiaFirst Life issued over 1.83 lakh policies for the year as against 1.26 lakh policies last year, a Y-o-Y growth of over 55 per cent.

The company said that the 13th month persistency surged to 76 per cent in the fiscal year 2018 from 74 per cent a year ago.

During the financial year, IndiaFirst paid claims of over Rs 235 crore, it added.

IRDA settlement percentage has improved for individual claims with respect to last fiscal from 83 per cent to 90 per cent.