The Fastest Growing Life Insurer Registers a 50% rise in Individual New Business (NB) Annual Premium Equivalent (APE) atINR 1,345 Crores–highest since inception and best in the industry!
Mumbai:IndiaFirst Life Insurance Company Limited (IndiaFirst Life) continuedwith its robustbusiness expansion journey clocking in a Y-o-Y growth rate of50% in terms of individual New Business (NB) Annual Premium Equivalent (APE).At Rs 1,345 Crore of Individual NB-APE, the company is the fastest-growing private life insurer in the country.
Commenting on the company’s performance, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited said, “Our robust business performance has ensured we continue to grow faster than the industry for the seventhconsecutive year. In FY22, we registered a 50% rise in Individual NB APE but what’s more heartening is the fact that we have a 07 years CAGR of 36%-something that we are extremely proud of.Being recognized as India’s Best Workplaces in BFSI by Great Places to Work for the 4thtime in a row is atestament toour dedicated, proficient, andspirited teams’ unwavering strength.”
For FY22 the company has registered commendable growth across all major parameters,to feature amongthe Top 11private life insurers in India.Our Gross premium has jumped 28% from FY21 and crossed INR 5,187 Crore in FY22.Some other notable numbers of IndiaFirst Life for FY22 include:
· Growth of 55% in Individual New Business Premium of INR 1428.7 Crore(FY21: INR 924 Crore)
· 13th-monthth persistency ratio stands at82%(As of March 2021: 78.7%)
· Growth of 112% in Group Credit LifeNew Business Premium at INR 503.6 Crore (FY21: 238 Crore)
· Renewal premium income crossed INR 2,400 Crorefor the first time ever since inception at INR 2,420 Crore
· Growth of 11% in Assets Under Management (AUM), which stands at INR 18,932 Crore (FY21 INR 17,109 Crore)
During the year the company strengthened its product offerings with the launch of new products — IndiaFirst Life SaralJeevanBima Plan, IndiaFirst Life Saral Pension Plan, IndiaFirst Life SaralBachatBima Plan, IndiaFirst Life e-Term Plus Plan, and IndiaFirst Life Fortune Plus Plan.IndiaFirst Life has a diversified suite of 46need-based offerings, which along with our diversified distribution network and technological prowess has helped us onboard and service customers across 98% of pin-codes in the country.
