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Home STOCKS Exide Life Insurance FY20 net profit up 89% at Rs 28.3 crore

Exide Life Insurance FY20 net profit up 89% at Rs 28.3 crore

New Delhi: Exide Life Insurance has registered a 88.7 for every cent jump in net profit at Rs 28.3 crore for fiscal year ended March 2020.
The private sector insurer had registered a net profit of Rs 15 crore in fiscal year 2018-19.
This is the eighth consecutive year in which the enterprise has documented profit, Exide Life Insurance stated in a statement.
Gross written premium for the duration of the calendar year rose 12 for each cent to Rs 3,220 crore.
The enterprise, a 100 per cent subsidiary of Exide Industries, has continued its emphasis on safety products and solutions, ensuing in defense business blend escalating from 9 for every cent of Annualized Premium Equal (APE) in FY19 to 11 for each cent in FY20, the statement claimed.
Exide Life Insurance reported it achieved its highest ever promises settlement ratio at 98.15 per cent, and has a healthful solvency ratio of 210 for every cent versus the regulatory prerequisite of 150 for each cent.
Continuing with a really strong monitor record of declaring bonus shell out outs to participating policyholders every single calendar year due to the fact inception, the firm has announced policyholder bonus distribution of Rs 324 crore in FY20, a expansion of 13.1 for every cent from a year back, it said.
Commenting on the effects, Exide Life Insurance MD & CEO Kshitij Jain claimed, “Our primary aim remains value creation for buyers and shareholders. Our extensive term method is to increase new organization more rapidly than the sector though continuing to enhance on the high quality of company.”

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