Edelweiss Life targets double-digit growth, breakeven by FY27: CEO

Edelweiss Life Insurance expects to grow in double digits over the next 2-3 years and hopes to achieve breakeven by FY27, its MD and CEO Sumit Rai has said.

"We are about a 14-year-old organisation. The early years, particularly between 2011 and 2016, were a muted period of growth for the life Insurance industry overall. We were also new at that stage and deliberately conservative in how we approached the business. The real inflection in our growth came post 2017-2018," he told PTI.

The insurer was primarily a one-channel company early on, he said, adding that "we now operate as a multi-channel insurer, with proprietary and partnership distribution contributing roughly 50-50".

 

The same balance is reflected in the company's product mix as well, he said.

The company's consistent focus has been on building a well-diversified, long-term business across channels and products, he added.

In FY26, he said, the company is looking to close around Rs 650 crore of new business and a total premium income of approximately Rs 2,400 crore.

"We expect to grow double digits in the range of 1216 per cent over the next two to three years, and we expect to break even by FY27," Rai said.

From a capital standpoint, he said, the company is very well capitalised.

"Our paid-up capital stands at around Rs 2,800 crore today. Over the last few years, we have infused approximately Rs 175200 crore annually, and we expect this level of capital support to broadly continue over the next two to three years as we scale," the chief executive pointed out.

Post-breakeven, he said, capital requirements will largely go down, and if required, they will be growth-linked.

Edelweiss Life Insurance (formerly Edelweiss Tokio Life Insurance) established nationwide operations in July 2011 as a joint venture between India's Edelweiss Financial Services Ltd and Japan's Tokio Marine Holdings.