Exide Life profit up 27%
Exide Life Insurance, the wholly owned subsidiary of battery maker Exide Industries, has posted a 27 per cent growth in profit at Rs 112 crore for the 2016-17 financial year.
- Published 11.05.17
Calcutta, May 10: Exide Life Insurance, the wholly owned subsidiary of battery maker Exide Industries, has posted a 27 per cent growth in profit at Rs 112 crore for the 2016-17 financial year.
The life insurance arm continued to remain in profit for the fifth successive year, recording a compounded annual growth rate of 49 per cent over the period.
New business premium grew 36 per cent to Rs 863 crore, while total premium collection rose 18 per cent to Rs 2,409 crore.
Assets under management as on March 31, 2017, stood at Rs 11,015 crore.
"We have grown our business on the back of continued commitment towards our customers. Our well-diversified distribution network along with protection, savings and investment plans, helped deliver this growth. We are pleased that this growth has been achieved with no increase in operating expenses. This is in line with the company's focus on improving productivity and efficiency," said Kshitij Jain, managing director and CEO of Exide Life Insurance.
Exide took over the insurance business of Netherlands-based ING after the latter decided to sell the business as part of its global restructuring plan.
ING had entered India in 2001, but was struggling to increase its share in a market dominated by LIC. The business, however, has improved following the change of guard.
"The company continues its focus on providing long-term protection, savings and investment solutions to its customers," Jain said.
Exide Life Insurance distributes its products through multi-channels such as agency, bancassurance, corporate agency and broking as well as direct channels.
The agency channel comprises more than 50,000 advisers who are attached to over 200 company offices across the country.
The company also offers group life insurance solutions.