Category: Insurance

30 June 2020, Bengaluru: Exide Life Insurance, a 100% owned subsidiary of Exide Industries, reported a growth of 141% in Profits Before Tax (PBT) at INR 29 Crores in the Financial Year ended March 2020, compared to INR 12 Crores in the previous Financial Year (FY 18-19). This is the eighth consecutive year in which the Company has reported profits.

The Company has continued its emphasis on protection products resulting in the protection business mix increasing from 9% of Annualized Premium Equivalent (APE) in FY 18-19 to 11% in FY 19-20.

The Company has achieved its highest ever Claims Settlement Ratio at 98.15% and has a healthy Solvency Ratio of 210% versus the regulatory requirement of 150%.

Continuing with a very strong track record of declaring bonus payouts to participating policyholders every year since inception, the Company has announced Policyholder Bonus distribution of INR 324 Crores in FY 2019-20, a growth of 13.1% over previous FY.

Commenting on the results, Kshitij Jain, MD & CEO, Exide Life Insurance said, “Our primary focus remains value creation for customers and shareholders. Our long term strategy is to grow new business faster than the industry while continuing to improve on the quality of business.

Our commitment to this philosophy has paid off and our business performance has manifested in superior returns to our policyholders, with us being able to pay bonus to participating policyholders every year since inception. Needless to say we live by our promise and our core brand essence of Lamba Saath, Bharose Ki Baat.”

Policyholder Bonus
Considering the surplus that arose over the Financial Year in the Participating fund, the Company announced policyholder bonus of INR 324 Crores in FY 2019-20, a growth of 13.1% over FY 2018-19

Solvency Ratio
The solvency ratio of the Company stood at 210% as on 31st March 2020, compared to the regulatory requirement of 150%.

Assets under Management
The Company’s Assets under Management (AUM) recorded a growth of 10% over the last financial year and stands at INR 15,795 Crores.

Profit Before Tax (PBT)
During FY 2019-20, the Company recorded Profit Before Tax of INR 29 Crores, compared to INR 12 Crores in FY 2018-19.

Claim Settlement Ratio
The Company continued its growth journey with ‘Individual Claims Settlement Ratio’ improving to an all-time high (since inception) of 98.15% in FY 2019-20. The Company paid death claims worth INR 213.70 Crores (Individual INR 88.95 Crores and Group INR 124.75 Crores) during the Financial Year 2019-20.

Renewals and Persistency
The Company achieved 12% growth in individual renewal premiums at INR 2,221 Crores with improvement in persistency ratios for 13th month, 25th month as well as 37th month.

Protection Business Mix
The mix of protection business was further strengthened to 11% of the individual new business premium (Annualized Premium Equivalent).

Life Insurance Coverage (Sum Assured)
The Company has increased its total coverage and now has total Sum Assured of INR 3.44 Lakh Crores as on 31st March 2020.

Awards
The Company’s all round performance on value creation continued with receiving external recognition in various areas of business. Some of the noteworthy awards won are:
Exide Life Smart Term Plan voted as Product of the Year 2019
Helmet Saves CSR initiative won:
Best BTL campaign for a socio economic program in Masters of Modern Marketing
Brandvid (Gold) Best brand integration in Music Video
Brandvid (Silver) – Best brand film for Social initiative
FICCI best CSR initiative in Life Category

City Today News

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TO PROVIDE RELIEF TO COMMUNITIES AMID COVID-19

~Aviva India pledges an extensive support package to impacted societies and communities ~        

New Delhi, 4^th June, 2020: The Coronavirus or COVID-19 crisis continues to severely impact communitiesacross the nation. Aviva Life Insurance, (JV between Dabur Invest Corp and Aviva International Holdings Limited), India’s most trusted private life insurance company 2 years running, commits to helping the Indian Red Cross Society, (IRCS), with a range of protective equipments and relief packages to mitigate the Covid-19 crisis. Through this initiative, Aviva India will be reaching out and assisting affected people to combat this disease across 15 states in India that are badly affected by COVID-19 outbreak.

The support to the India Red Cross Society (IRCS) forms part of the £10m pounds committed by the Aviva Group and the Aviva Foundation* so that the global Red Cross movement can ensure those made most vulnerable by the coronavirus outbreak can get the right support at the right time.

In line with this, IRCS is helping Aviva Life Insurance, India to donate various pandemic relief packages to the most affected during this crisis. The relief packages include N-95 masks, gloves, surgical masks, thermal guns, hygiene kits, community kitchen and dry rations for the affected communities. The initiative focuses on migrant laborers, tribals, single mothers, senior citizens, persons with disability, children, people living in hard to reach areas, as well as Health Workers, Paramedics, Blood Bank Staff and Red Cross Volunteers.  

Trevor Bull, MD & CEO, Aviva India said, “Aviva as a partner in our community stands in solidarity with the nation during these turbulent times, and we are delighted to join hands with the Indian Red Cross and do our bit for Society by providing vital help to the people who need it the most. We, at Aviva, strongly believe that right now we must focus on looking after one another and working together to fight this pandemic.  We are putting in our best efforts to support our employees and communities around us, so that together we shall all overcome these difficult times soon.”

R K Jain, Secretary General, Indian Red Cross Society said, “We are grateful to Aviva India for their support towards the larger humanitarian and sustainable goals. Through this partnership, we have the opportunity to address the needs of the less privileged and less fortunate sections of the society as well. At Indian Red Cross Society (IRCS), we are aiming to create a safe ecosystem and help those who are impacted by Covid-19. IRCS and Aviva together believe that we can help several communities and may the best force be with us to fight and overcome this pandemic.”

Migration is a major concern in and around major cities in India, and the restrictions on movement to return to their native homes, due to the lockdown, has further escalated the problem of food, medication, hygiene and shelter. IRCS volunteers are addressing their specific needs and are working to provide food parcels, cooked food and dry rations and hygiene kits to the most vulnerable households and migrant laborers in the temporary shelters.

When the nation is facing unprecedented challenges, Aviva India is enabling ICRS to serve, support and protect Health Workers, Paramedics and Red Cross Volunteers, who are working tirelessly to help those in need during these times.

*The Aviva Foundation is administered by Charities Trust under UK charity registration number 327489.

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– The claim amount benefits 1,64,917 loanee farmers and 85,460 non-loanee farmers

Bengaluru, 26th May 2020 : Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail game-changers Future Group and global insurer Generali, has settled INR 276 crores of Pradhan Mantri Fasal Bima Yojana (PMFBY) claims during the lockdown period.

The company has paid PMFBY claims in districts of Karnataka (Belagavi, Chamrajnagar, Bagalkote, Raichur, Ramnagar, Tumkur, Yadgir), Rajasthan (Ajmer, Kota, Sawai Madhopur, Jaipur, Pali, Pratapgargh) and Maharashtra (Ahmednagar, Buldana, Nanded, Satara, Yavatmal). The claim amount has benefitted 1,64,917 loanee farmers & 85,460 non-loanee farmers in 19 districts of these 3 states. Out of which, 38,928 female farmers received claims amounting to Rs. 44.32 cr via Direct Beneficiary Transfer.

Mr. Anup Rau, MD & CEO, Future Generali India Insurance Company said, “Shortage of labour force and breakdown in supply chains has left many farmers struggling to sell their crops. In these testing times, we at Future Generali India Insurance fast-tracked our settlement process which benefitted more than 2.5 lakh farmers so far”

Pradhan Mantri Fasal Bima Yojana (PMFBY) offers start to end insurance cover against losses of crops during the entire cycle from preparation of sowing to harvesting and post-harvest due to poor yield.

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Bengaluru, May 09, 2020: Liberty General Insurance Ltd, one of the leading general insurance companies in India, celebrated its annual event, “Flames of Liberty 2020 -Partners’ Day” on a virtual platform for the first time ever and 3,468 partners and agents participated with their spouses and children.

With the country in a lockdown due to the coronavirus outbreak there is unprecedented uncertainty and disruption impacting not just the insurance sector, but the entire economy. With everyone in a stay home mode, Liberty General Insurance organised a virtual event for its Partners and their families which was an entertaining day with performances by a magician and a beat boxer, workshops on fitness, health, grooming tips, cooking, contests, and a story telling session for kids.

Roopam Asthana, CEO and the Whole Time Director, Liberty General Insurance Ltd. addressing the Partners day event said, “During these challenging times, we were determined to live up to our commitment to our partners by maintaining the legacy we have built over the last four  years of organizing the annual ‘Flames of Liberty’ event. In the current situation, Liberty General Insurance’s priority is the safety and well-being of our employees, customers, partners and the community at large. Nothing can stop us from celebrating our partnership and acknowledging the efforts all our distribution partners have put in through the year and therefore we took the event on a digital platform this time!”

“We wanted to personally thank our Partners with the reassurance that together we will soon be back on our path of growth,” Mr. Asthana added.

As a mark of appreciation to its partners, Liberty General Insurance started its flagship Partner Engagement Programme called the Flames of Liberty in the year 2016. With this astounding initiative, the Company redefined and set new standards of principal – partner relationships in Indian general insurance sector. The event is a unique initiative to bring its brokers, agents and their families together on one platform, thereby enhancing the engagement between the Company and its partners. It is also an acknowledgement and celebration of their hard work, and to appreciate their families support in all their endeavours.

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Future Generali India Insurance joins hands with APD for “Joy to the World” project in Bangalore
Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail game changers Future Group and global insurer Generali has associated with NGO Association of People with Disability (APD) for employee volunteering CSR initiative in Bangalore.

In the spirit of Christmas, FGII decided to reach out to the differently abled children at APD and distribute gifts to them. 10 employees from FGII visited the APD centre and distributed gifts to 80 children.

In addition to gift distribution, the employees played games with the children and spent quality time with them.

City Today News

(Tj vision media)

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