Exide Life Insurance today said it has registered a 27 per cent growth in net profit at Rs 112 crore in FY-16, compared to the previous year. While the new business premium of the company saw a growth of 36 per cent to Rs 863 crore, over last year, it said the total premium income grew by 18 per cent to Rs 2,409 crore during the year. The asset under management of the company also grew by 16 per cent to Rs 11,015 crore during the year, it added.
“We have maintained a consistent growth over the last five years since we became profitable….It has been very strong results, the company met its internal target and will continue to better its performance in the future,” Exide Life Insurance MD & CEO Kshitij Jain told reporters here. “Our well-diversified distribution network coupled with best in class protection, savings and investment plans, helped deliver this growth. We are pleased that this growth has been achieved with no increase in operating expenses,” he said.
Exide Life Insurance that commenced operations in September 2001, has over 15 lakh customers. The company said it has over 50000 life insurance advisers in over 200 cities. Speaking about the life insurance industry, Jain expressed confidence about its growth, with the expected growth in the economy, increasing penetration, and rise in domestic savings due to decline in the inflation rate.
Pointing out that the private sector enjoys roughly 30 per cent market share in the life insurance market with 23 private companies, he said Exide Life Insurance being the mid-sized player enjoys 1 to 1.2 per cent market share of the entire industry and 2-2.5 per cent of the private sector. He claimed that during the last year, the private sector had grown bigger than State-owned Life Insurance Corporation of India in the individual business category.