Ageas Federal Life logs FY22 profit at Rs. 94 cr

Hyderabad: Ageas Federal Life Insurance on Monday announced its financial results for the 12-month period ending March 31, 2022, reporting a net profit of Rs94 crore. This is the tenth consecutive year of profit for the private life insurer since it first declared profit in FY13.

Despite facing various challenges due to the continuing pandemic, Ageas Federal's total premium rose by 13 per cent to Rs 2,207 crore in FY22 from Rs 1,959 crore in FY21. The growth was driven by a 27 per cent rise in Individual New Business Premium (NBP) to Rs639 crore and 5 per cent rise in renewal premium to Rs 1,391 crore, the company said in a statement.

Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance, said: "Despite the uncertain Covid situation during the first few months of the year, we recovered strongly to declare profit for the tenth consecutive year. On the distribution front, bancassurance continued to contribute in a big way to our growth numbers during the year. We also focused on growing our proprietary channels - agency, group, online, and DST in a smart, calibrated manner." The company also benefitted from a strong growth of 23 per cent in individual NBP from Federal Bank.

An understanding of customers' needs during the pandemic and catering to them with the appropriate products and solutions has helped Ageas Federal to improve its VNB margin by 9 per cent to 22.39 per cent. Our superior customer service and focus on developing long-lasting relationships with our customers has borne fruit with the 13th month persistency reaching 79 per cent and the company being in the top quartile of all persistency buckets, the company added.

According to Ageas, the average turnaround time (TAT) in resolving complaints for FY22 was two days which is among the best in the life insurance industry and considerably lower than the industry average of five days. This was the eight consecutive financial year end where the pending complaints were nil at the end of the year.