HOME > BUSINESS > Insurer IDBI Federal posts 84% premium growth for Q1

Insurer IDBI Federal posts 84% premium growth for Q1

idbi-federalIDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, has reported a growth of 84% in Total Premium at the end of the Q1 FY16.

“The growth of the company can be attributed to growing new business premium and expanded in-force book,” said Vighnesh Shahane, CEO & Whole Time Director, IDBI Federal.

The company’s New Business Individual Premium grew from 37 crore recorded in Q1 last year to 91 crore this year; reporting a growth of 145%.

The company’s ranking improved to 11 from 16 for YTD Individual Life New Business Premium. The total market share amongst private players rose from 1.15% in Jun’14 to 2.37% in Jun’15 for YTD Individual Life New Business Premium. The company’s total premium grew at 84% against the same period last year.

The company recorded a 19% renewal premium growth. IDBI Federal’s APE also improved from 41 crore recorded last year to 60 crore, a growth of 47%.

The company introduced a number of measures recently.

One among them was the 8 days Claims Guarantee, where the company aims to settle the claims in just 8 working days.

In case if the company fails to do so, it pays an interest of 8% per annum on the death claim amount for each day of delay beyond 8 working days.

“Ever since the initiative was launched in July 2014, the Company has not had to pay any penalty/interest on this count. For complaints resolution as well, the company maintains a turnaround time (TAT) of 8 days against the IRDAI norm of 15 days. The result of these initiatives is that the company’s 13th month persistency stands at a healthy 76%,” it said.

IDBI Federal has plans to strengthen some of its key areas like brand salience, technology & digitization, distributor engagement and increasing unique lives. In its effort to make its brand presence strong, it has committed to associate with various sports and fitness associations, as well. The most recent among them is the MCA-IDBI Federal Bowling Foundation to partner the discovery and the nurturing of bowling talent in the country.

Key Performance Indicator
YTD Jun-15
(Rs. in cr.)
YTD Jun-14
(Rs. in cr.)
% Growth
Total Premium
Total Premium (Individual)
New Business Premium
New Business Premium (Individual)
Renewal Premium
Channel Allowance (Excl. Commission)
Net Profit
Market Share
(Among Pvt. Players)
Ind. Life NBP
Ind. Life APE
Total New Business Premium
Persistency (as on Mar’15)
13th Month
25th Month
37th Month
49th Month
61st Month


Follow ULTRA.news
Fitch cuts IDBI Bank rating as NPAs climb to 21% Fitch Ratings said it downgraded IDBI Bank's Long-Term Default Rating and its 'viability rating' by one notch each to 'BB+' and 'ccc' with a stable outlook."IDBI Bank's Viability Rating reflects the deterioration of its financial profile in the last two years and our expectat...
PAY REVISION: IDBI Bank employees to strike again tomorrow, May 23 IDBI Bank, one of India's largest government-controlled banks, said it received notice of strike from the "United Forum of IDBI Bank Officers and Employees".The strike will be on Tuesday, May 23, and is aimed at demanding "revision of pay and allowances and other issues," the...
Reliance Jio to start trial services for fiber soon across India Reliance Jio, the biggest carrier of wireless data in the world, said it will expand beta trials of its fiber-to-the-home services in the 'next few months' across India.It has already started these trials in "a few locations", which would be expanded city by city. According t...
WATCH LIVE – Moving towards a less visa-dependent model : TCS New TCS CEO Rajesh GopinathanTata Consultancy Services has reported Q4 revenue of Rs 29,642 cr, a decline of 0.3%, and said his company will wait and see about new US visa regulations that are scheduled to come out today.NEW VISA RULESOn new visa regulations expected...
Idea Cellular posts first-ever loss due to Reliance Jio impact Idea Cellular reported a loss of Rs 479 cr for the October-December quarter, hit by Reliance Jio's free offerings, the first loss in last 40 quarters since its IPO in 2007."The Indian mobile industry witnessed an unprecedented disruption in the quarter of Octoberto December ...
Spicejet turnaround continues, Q2 Profit doubles SpiceJet reported a doubling of its net profit to Rs 58.9 Crore for the July-September period as against Rs 29 crore for the same quarter last year.Operating revenue for the quarter stood at Rs.1,400 crores, a growth of 35%.Capacity deployed registered a growth of 38% o...
SpiceJet profit doubles on revenue growth SpiceJet doubled its net profit to Rs. 149 Crore for Q1 FY17 as against Rs. 73 crore for the same quarter last year.Capacity deployed registered a growth of 37% over the same quarter last year and operating revenue was Rs. 1,522 crores, a growth of 37%.The profit increase...
Need Cash Fast? Federal Bank offers loan disbursement in just 1 minute Kerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans."Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the l...
Tata Motors net profit falls steeply due to Brexit impact Tata Motors said consolidated profit before tax and exceptional items for the April-June quarter fell to ₹2,066 crores from ₹6,340 crores last year due to the adverse foreign exchange impact.The value of the British Pound fell drastically during the quarter due to the exit of...
Federal Bank starts distributing MMTC gold coins Federal Bank has become the first private sector bank to start distributing gold coins made by government-controlled Metals and Minerals Trading Corporation of India.The Indian gold coins are of 24 karat purity, 999 fineness and has the National Emblem of Ashok Chakra engrave...
TVS Motor reports 11% growth in revenue despite Chennai floods TVS Motor Company has reported a revenue growth of 11% for the quarter ended December 2015. Total revenue grew from Rs 2,639 Crores in the quarter ended December 2014 to Rs. 2,940 Crores this year."On account of the unseasonal heavy rains and floods, the Chennai city an...
Dabur India Q3 sales, net profit up Dabur India Ltd reported a 2.4% growth in Consolidated Net Sales at Rs 2,122.4 Crore for the third quarter despite what it called a challenging business environment and continued softer consumption trend across the industry.The Company ended the third quarter of 2015-16 with ...
Federal Bank, 11 other banks offer Card to Card instant ATM money transfer Federal Bank has joined a group of 11 other banks to offer instant money transfer facility using ATM cards.Customers of Federal Bank can transfer money to those of any of the other 11 banks (as well as to Federal Bank customers) by visiting Federal Bank ATMS.At present, m...
RCom’s lack of data investments starts hurting growth Reliance Communications Ltd reported disappointing results for the June quarter on a steep decline in voice usage, but the company's voice pricing is now more or less at parity with that of Idea Cellular.However, in the absence of data growth, the company was not able to repo...
UFO Moviez reports 23% jump in Q1 revenue UFO Moviez India Limited, India’s largest digital cinema distribution network and in-cinema advertising platform in terms of number of screens, said its Q1 revenue rose by 23.3% to Rs.1,306 million in Q1FY16.PBT for the quarter stood at ₹183 million, up 43.8% compared to Rs.1...
SCI Q1 profit rises three times The shipping corporation of India(SCI) one of the largest Indian shipping Company, declared its financial results for Q1 ending 30th June 2015 noted a net profit of Rs 163.54 crores as compared to a net profit of 49 crore registered in Q1 ended 30th June 2014.The company had ...
IDBI Bank Q1 PAT rises to Rs 135 cr from Rs 106 Crore IDBI Bank reported a net profit of Rs 135 Crore for the quarter ended June 30, 2015 and Rs 873 Crore for year ended March 31, 2015 as against Rs 106 Crore for the quarter ended June 30, 2014 registering a growth of 27%.Total business (deposits and advances) as of June 30, 201...
Aditya Birla Nuvo net profit up 50% on strong revenue growth QUAAditya Birla Nuvo, the diversified business company, reported a 10% increase in its first-quarter revenue to Rs 6,820 crore, while net profit rose 50% to Rs 397 crore.EBITDA rose 31% to Rs 1,671 crore.Financial ServicesAditya Birla Financial Services (ABFS) assets ...
BS Ltd reports doubling of Q1 revenue Power Transmission and Distribution services provider BS Ltd said revenue almost doubled in the first quarter of the current financial year.It reported a consolidated total turnover of INR 970 crore in the first quarter from Rs 502 cr in the same quarter of last year.Net ...
Federal Bank starts e-credit facility for deposit holders Federal Bank said customers can now avail loans against fixed deposits through its online platform, and that the first 3,000 customers will get interest rate concessions."Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products pl...
Bosch India reports 7.5% increase in Q1 Revenue Bosch Ltd, a supplier of technology and services, reported a 7.5% increase in net sales and income from operations in the first quarter of the financial year 2015-16 to Rs 2,532 crores.Profit Before Tax (PBT) increased by 17.8 percent and stood at Rs 516 crores. Profit Af...
SBI Q1 profit up by 10% State Bank of India said its Net Profit increased by 10.25% from Rs 3,349 crores in last year to Rs 3,692 crores in the first quarter.SBI's operating profit increased by 4.72% from Rs 8,788 crores in the same quarter last year to Rs 9,202 crores in the first quarter.Fee i...
IDBI Bank cuts fixed deposit interest rates IDBI Bank has reduced the interest rates on Retail Term Deposit by 40 basis points (0.4 percentage points) on fixed deposits with maturity of more than 6 months and up to 270 days.For maturity periods of over 271 days, it has reduced the interest rates by 25 basis points....
Tube Investments reports 6% higher PAT in Q1 Tube Investments of India Limited, part of the Murugappa Group and maker of BSA cycles in India, reported Q1 profit of Rs 95 cr against Rs 90 cr for the corresponding quarter in the previous year.On a standalone basis, the company's revenue for the quarter was higher by 3...
Adani Ports & SEZ reports 32% jump in Q1 revenue Adani Ports and Special Economic Zone Limited, India’s largest port developer and part of Adani Group, reported a 17% jump in its total cargo volumes and a 32% increase in revenue during the first quarterConsolidated cargo across all ports handled by the company was 40 MM...