INSURANCE
IndiaFirst Life Insurance reports 43% jump in individual APE on Y-o-Y basis
Apr-13-2018

IndiaFirst Life Insurance has reported a 43 percent jump in individual annual premium equivalent (APE) on a year-on-year basis, with a new retail premium collection of Rs 575 crore by the end of fiscal 2018 from Rs 403 crore a year ago. The company recorded total new business APE of Rs 664 crore for the year from Rs 528 crore a year ago, hence witnessing year-on-year growth of 26 percent.

For the year FY 2017-18, gross collections stood at Rs 2,309 crore, with new business premium of Rs 1,497 crore and renewal premium at Rs 812 crore. IndiaFirst Life issued over 1.83 lakh policies for the year as against 1.26 lakh policies last year, a year-on-year growth of over 55 percent. IndiaFirst Life Insurance said that the 13th month persistency surged to 76 percent in the fiscal year 2018 from 74 percent a year ago. The company also said that in the financial year, the company paid claims of over Rs 235 crore. IRDAI settlement percentage has improved for individual claims with respect to last fiscal from 83 percent to 90 percent.

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