Mumbai, Apr 7 (PTI) Mid-sized private sector life insurer Indiafirst Life has reported a 5 per cent growth in individual new business premium at Rs 894 crore in FY'21 despite the pandemic, helping it cross the overall gross premium of Rs 4,000 crore.
Indiafirst also saw its new premium grow 6 per cent to Rs 995 crore in FY21 from Rs 941 crore in FY20, while the renewal premium income crossed the Rs 2,000-crore mark, Rushabh Gandhi, deputy chief executive, told PTI on Wednesday.
“In FY21, we've written Rs 894 crore of individual new business annual premium equivalent, which is the highest ever since our inception. This is an annualised growth of 5 per cent and is in spite of the pandemic. In FY21, we had a an industry leading growth of 25 per cent in new business premium,' he said.
Braving the impact of the global pandemic, Indiafirst also made many firsts in the year gone-by with total premium crossing Rs 4,000-crore mark and the renewal premium income crossed the Rs 2000-crore mark, Gandhi added. During the year, the company enhanced its existing product suite with non-par and protection products, such as guaranteed benefit plan, guaranteed protection plan and long guaranteed income plan, he said.
Gandhi attributed the good show to speed with which it has built a digital platform apart from quickly adapting, improvising and innovating to meet the challenges arising from the pandemic.
The city-based Indiafirst is one of the youngest life insurers, promoted by Bank of Baroda and Union Bank of India with 44 per cent and 30 per cent stakes, respectively. Carmel Point Investments, owned by private equity fund Warburg Pincus, holds the remaining 26 per cent. PTI BEN MKJ MKJ