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IDBI Federal Life Insurance reports 31% rise in Q4 net profit at 133 cr

The insurer witnessed a growth of 8 per cent in its total premium from Rs 1,933 crore in 2018-19

Press Trust of India  |  New Delhi 

Vighnesh Shahane
Vighnesh Shahane

Friday reported a 31 per cent rise in its net profit to Rs 133 crore for the fiscal 2019.

The company's net profit stood at Rs 101 crore in 2017-18.

It is the seventh consecutive year of profit for the company since it first declared profit in 2012-13, IDBI Federal Life said.

The insurer witnessed a growth of 8 per cent in its total premium from Rs 1,933 crore in 2018-19, compared to Rs 1,783 crore in the preceding fiscal, said.

The growth was mainly driven by a 19 per cent rise in renewals and over 50 per cent increase in

is a product in which a policy is being designed to pay off a borrower's debt if the policy holder dies.

It has also announced a maiden dividend of 10 per cent as recommended by the board, subject to approval in the annual general meeting.

"During the year, IDBI Federal experienced a robust growth of 32 per cent in (value of new business premium) driven by a single-minded focus on adapting our product mix to the changing needs of customers," it said.

The company also maintained a solvency margin of 334 per cent to take care of the interests of policyholders. Further, in July 2018, IDBI Federal was the first new-age life insurance company to wipe out all accumulated losses, the company said.

"In 2018-19, with a tight control on costs, a focus on underwriting and a leaner organisation, we have been able to serve our customers better which has resulted in improved scores on most parameters.

We also implemented a slew of digital initiatives which enhanced the customer experience and helped bring in further efficiencies across our distribution channels," Vighnesh Shahane, managing director and chief executive officer, said.

First Published: Fri, May 03 2019. 19:45 IST