Exide Life Insurance has registered a 88.7 percent jump in net profit at Rs 28.3 crore for fiscal year ended March 2020. The private sector insurer had registered a net profit of Rs 15 crore in fiscal year 2018-19.
This is the eighth consecutive year in which the company has reported profit, Exide Life Insurance said in a statement.
Gross written premium during the year rose 12 percent to Rs 3,220 crore.
The company, a 100 percent subsidiary of Exide Industries, has continued its emphasis on protection products, resulting in protection business mix increasing from 9 percent of Annualized Premium Equivalent (APE) in FY19 to 11 percent in FY20, the statement said.
Exide Life Insurance said it achieved its highest ever claims settlement ratio at 98.15 percent, and has a healthy solvency ratio of 210 percent versus the regulatory requirement of 150 percent.
Continuing with a very strong track record of declaring bonus pay outs to participating policyholders every year since inception, the company has announced policyholder bonus distribution of Rs 324 crore in FY20, a growth of 13.1 percent from a year ago, it said.Commenting on the results, Exide Life Insurance MD & CEO Kshitij Jain said, "Our primary focus remains value creation for customers and shareholders. Our long term strategy is to grow new business faster than the industry while continuing to improve on the quality of business.