Exide Life Insurance Company Limited achieved robust growth in profits during the financial year 2020-21 despite the challenging business landscape. The company posted a Profit before Tax of INR 61.2 Crores, marking a 112% increase over FY 19-20, driven by enhanced operational efficiency and a superior product mix.
Continuing its commitment to policyholders under the motto “Lamba Saath, Bharose Ki Baat,” Exide Life Insurance declared a policyholder bonus of INR 376 Crores for FY 20-21, up 16% from the previous year. The company’s Claim Settlement Ratio improved to 98.54%, among the highest in the industry.
Performance Highlights (INR Crores)
| Financial Year | FY 19-20 | FY 20-21 | YoY Growth |
|---|---|---|---|
| Gross Written Premium | 3,220 | 3,325 | 3.26% |
| Profit before Tax | 29 | 61.2 | 112% |
| Assets Under Management | 15,795 | 18,381 | 16.4% |
| Policyholder Bonus | 324 | 376 | 16% |
Leadership Commentary
Mr. Kshitij Jain, MD & CEO of Exide Life Insurance, stated:
“With the onset of the Covid-19 pandemic, our foremost priority was the safety of employees, customers, and partners. Thanks to the digital infrastructure built over the past 3-4 years, we maintained uninterrupted services and stayed connected with stakeholders effectively. As we celebrate 20 years, we aim to accelerate growth while collaborating to combat the pandemic and restore normalcy at the earliest.”
Awards & Recognition
Great Place to Work – Certified™ (2021)
ET Best Brands 2020 – BFSI Category
About Exide Life Insurance
Established in 2001-02 and headquartered in Bengaluru, Exide Life Insurance is fully owned by Exide Industries Limited. Managing assets worth INR 18,381 Crores (as of March 31, 2021), it offers life insurance products through various channels including agency, bancassurance, corporate agency, broking, direct, and online platforms. The agency network includes over 40,000 advisors across 200 offices nationwide.
The company focuses on long-term protection and savings plans with a strong traditional portfolio and consistent bonus declarations. It holds ISO 9001:2015 certification for customer service and ISO/IEC 27001:2013 for information security management.
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