Its renewal premium increased by 8 per cent to Rs 645 crore in April-September of FY22 from Rs 594 crore in the year-ago period.
total premium income There was a marginal increase to Rs 1,024 crore in the April-September period of the current fiscal from Rs 912 crore in the first six months of the previous fiscal.
“We have registered stable performance on multiple parameters and achieved one of the highest industry growth for our new business premium collection in the first six months of the current financial year,” said its Managing Director and CEO Parag Raja said in the release.
The insurer’s assets under management have seen a strong growth of 28 per cent and have more than doubled in the last three years.
The company said the solvency ratio was 188 per cent as of September 30, 2021, which is much higher than the regulatory requirement of 150 per cent.
It has disbursed Rs 106 crore in claims related to COVID for the first half of the financial year 2022.
As of September 30, 2021, the insurer had 254 branches and 33,266 consultants. It plans to expand on the basis of strategic partnership and increase its distribution footprints across the country with the help of digital innovation, the release said.
Raja said the company aims to achieve 90 percent customer retention and become a $1 billion revenue organization by 2025.