To wipe out accumulated losses in 2 yrs: IDBI Federal

IDBI Federal Life Insurance has said it expects to wipe out accumulated losses in two years on the back of healthy balance sheet size.
"We have accumulated losses of around Rs 120 crore which should be out of our books in a period of two years," IDBI Federal Life Insurance CEO Vighnesh Shahane told PTI.
The company was among the early ones to break even because of its huge distribution network, he said, adding, "we would be in a position to pay dividend to our shareholders after losses are out from our books".
Launched in March 2008, it is a joint venture between state-run IDBI Bank (48 per cent), private lender Federal Bank (26 per cent), and Ageas Insurance International NV (26 per cent), a multinational insurance giant based out of Europe.

The company made a maiden profit of Rs 9.24 crore for financial year 2012-13, its fifth year of operation.
Shahane said the insurer has been witnessing a growth rate of over 30 per cent quarter after quarter.
The company has collected 28 per cent higher new business premium at Rs 558.77 crore in the 10 months of the current fiscal, as compared to Rs 433.74 crore in the same period a year ago.