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

New Delhi:  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 highlights

Financial Year  

YoY Growth

FY19-20 FY20-21
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%

*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