Exide Life Insurance in FY 2019-20 delivers strong growth in profits
Posted on: 01/Jul/2020 11:03:00 AM
Exide Life Insurance, a 100% owned subsidiary of Exide Industries, reported a growth of 141% in Profits Before Tax (PBT) at INR 29 Crores in the Financial Year ended March 2020, compared to INR 12 Crores in the previous Financial Year (FY 18-19). This is the eighth consecutive year in which the Company has reported profits.
The Company has continued its emphasis on protection products resulting in the protection business mix increasing from 9% of Annualized Premium Equivalent (APE) in FY 18-19 to 11% in FY 19-20.
The Company has achieved its highest ever Claims Settlement Ratio at 98.15% and has a healthy Solvency Ratio of 210% versus the regulatory requirement of 150%.
Continuing with a very strong track record of declaring bonus payouts to participating policyholders every year since inception, the Company has announced Policyholder Bonus distribution of INR 324 Crores in FY 2019-20, a growth of 13.1% over previous FY.
Commenting on the results, Kshitij Jain, MD & CEO, Exide Life Insurance said, “Our primary focus remains value creation for customers and shareholders. Our long term strategy is to grow the new business faster than the industry while continuing to improve on the quality of business.
Our commitment to this philosophy has paid off and our business performance has manifested in superior returns to our policyholders, with us being able to pay bonuses to participate policyholders every year since inception. Needless to say, we live by our promise and our core brand essence of Lamba Saath, Bharose Ki Baat.”
For more Details CLICK HERE
