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Exide Life Insurance doubles Profits in 2020-21 at INR 61.2 Cr

Exide Life Insurance doubles Profits in 2020-21 at INR 61.2 Cr 1

Exide Life Insurance Company Limited recorded a year of strong growth in profits despite a challenging business environment in FY 20-21. The Company reported Profit before Tax at INR 61.2 Crores, a growth of 112% over FY19-20, as a result of improved efficiency and superior product mix.

Keeping up with its promise of “Lamba Saath, Bharose Ki Baat”, the Company continued its tradition of declaring bonus to participating policyholders every year since 2002. For the year ending March 2021, the Company declared policyholder bonus of INR 376 Crores, a growth of 16% over FY19-20.

The Company’s Claim Settlement Ratio continues to improve and is now among the best in the industry at 98.54% in FY20-21 versus 98.15% in FY19-20. 

PERFORMANCE AT A GLANCE

 Key highlightsFinancial Year YoY Growth
FY19-20FY20-21
Gross Written Premium3,2203,3253.26%
Profit before Tax2961.2112%
Assets Under Management15,79518,38116.4%
Policyholder Bonus32437616%

*Figures in INR Crores

Commenting on the Company’s performance, Mr. Kshitij Jain, MD&CEO, Exide Life Insurance said, With the onset of the Covid-19 pandemic, our top priority was to ensure the safety of our employees, customers, advisors and partners. We adapted to the changing environment quickly and our services remained accessible without any interruption.Our efforts towards building a robust digital infrastructure during the last 3-4 years paid off during these challenging times. We are digitally connected with our customers and employees round-the-clock which helps us reach out to them effectively even in these trying times.

In our 20th year as an organization, we aim to accelerate growth while serving our customers efficiently. Our immediate priority is cooperating and collaborating with all stakeholders to fight this pandemic and return to normalcy at the earliest possible.”

AWARDS

The Company’s all-round growth also garnered external recognition from some of the highly-valued and respected organizations. A few of the noteworthy recognitions include:

1.     Great Place to Work – Certified™ in 2021

2.     ET Best Brands 2020 – BFSI Category

About Exide Life Insurance Company Limited:

Exide Life Insurance Company Limited, an established and profitable life insurance company, commenced operations in 2001-02 and is head quartered in Bengaluru. The Company is 100% owned by Exide Industries Limited. The Company manages assets of INR 18,381 Crores (as on 31 March, 2021). Exide Life Insurance distributes its products through multiple channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct Channel and Online. The Agency channel comprises of 40,000+ advisors attached to 200 Company offices (as on 31 March 2021) across the country. The Company also offers group life insurance solutions.

Exide Life Insurance is focused on providing long-term protection and savings plans and has a strong traditional product portfolio with a consistent bonus track record. The Company has ISO 9001:2015 quality certification for all Customer Service processes and the ISO/IEC 27001:2013 for Information Security Management.

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