IndiaFirst Life witnesses 82% growth in individual APE

Private sector life insurer, IndiaFirst Life witnessed a year-on-year growth of 82 per cent in individual annual premium equivalent (APE), with a new retail premium collection of Rs 403 crore by the end of fiscal 2017 from Rs 221 crore a year ago.
The company recorded total APE of Rs 528 crore for the year under observation from Rs 345 crore a year ago, a company statement said.
"We are delighted to have an individual APE growth rate of 82 per cent year-on-year, which was almost double the industry average Year To Date (YTD) February 2017," RM Vishakha, managing director and chief executive, IndiaFirst Life said.

"We have substantially surpassed our targeted year-on-year growth which is purely a reflection of an effective products, processes and distribution strategy resulting in improved productivity and reduced operational costs," she said.
For the current fiscal year, the company intends to focus on steady growth, she added.
The company's new business increased to Rs 1,671 crore in fiscal 2017 from Rs 1,478 crore a year ago.

The 13th month persistency surged up to 74 per cent in the fiscal year 2017 from 64 per cent a year ago, it added.
In the fiscal 2017, the company registered total premium collection of Rs 2,266 crore from Rs 1,967 crore in the year gone by.

"The performance numbers of FY-2016-17 are incidentally the highest performance levels achieved by the company, since its inception," Rushabh Gandhi, director-sales and marketing, IndiaFirst Life said.