The Business Bytes
TBB BUREAU
MUMBAI, APR 28, 2023
Ageas Federal Life Insurance, one of India’s leading private life insurance companies, on Friday announced its financial results for the 12-month period ending March 31, 2023, reporting a net profit of Rs 114 crore.
Ageas Federal’s total premium rose by 4 per cent to Rs 2,289 crore in FY 2022-23 from Rs 2,207 crore in FY2021-22.
An understanding of customers’ evolving needs and catering to them with the appropriate products and solutions has helped Ageas Federal to improve its VNB margin by 39 per cent to 31.23 per cent.
Individual New Business Premium went up from Rs 636 crore in FY22 to Rs 670 crore in FY23, registering a year-on-year growth of 5 per cent. However, renewal premium registered a negative growth of 1 per cent Y-o-Y in FY23 as compared to FY22 as it went down to Rs 1388 crore in FY23 from Rs 1391 crore in FY22.
AUM (asset under management) during FY2022-23 went up by 9 per cent to Rs 15,129 crore as against Rs 13,907 crore in FY22.
The claim settlement ratio for individual death claims in FY 2022-23 was 96.06 per cent and the repudiation ratio was 3.11 per cent.
Commenting on the Company’s performance during the year, Ageas Federal Life Insurance MD & CEO Vighnesh Shahane said, “To drive the next phase of growth and become more future-ready, the organisation has embarked on a transformation journey centering around 8 pillars. Through these 8 pillars, we aim to achieve our strategic objectives of building a multi-channel business model; shaping our products to fulfil customer needs; focusing on digitalisation and data analysis to drive growth; re-imagining the customer journey; and nurturing a culture of sustainability.”
