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Exide Life Insurance posts Rs 112 Cr profit in FY 2016-17

 Exide Life Insurance today said it has registered a 27 per cent growth in net profit at Rs 112 crore in FY 2016-17, compared to the previous year.

While the new business premium of the company witnessed a growth of 36 per cent to Rs 863 core, over last year, its total premium income grew by 18 per cent to Rs 2,409 crore during the year under review.

The asset under management of the company also went up by 16 per cent to Rs 11,015 crore during the year.
"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," he said.
Stating that the company continues to focus on providing long-term protection, savings and investment solutions to its customers, Jain said, “We have seen popularity of our long-term saving solutions that come with adequate protection.”
Speaking about company’s business here, Jain said, “Odisha is a significant contributor to our business, with 50,000 customers in the State. New business in Odisha witnessed a growth of 24 percent in FY 20-16-16 over the previous fiscal.” And, 33 percent of the policies sold in Odisha are with 15-year policy term which speaks of the confidence the customers here have on us, he added.
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 inflation rate. He said that the industry is likely to grow at least twice the pace of the GDP and might witness 15-20 percent growth in FY 2017-18.
When asked if implementation of GST would affect insurance sector, Jain said that it would not be adversely affected though there might be little impact on the premium being paid by the policyholders having pure protection plan.
Exide Life Insurance that commenced operations in September 2001, has over 15 lakh customers. The company distributes its products through multi-channels viz. Agency, Banc assurance, Corporate Agency & Broking as well as Direct Channels. The Agency channel comprises of 50,000-odd advisors who are attached to over 200 company offices across the country. 


Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.


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