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Wednesday, May 21, 2014

DHFL Pramerica Life Insurance achieves break-even

Posts maiden profit in its 6th year of operations, records growth of 25% in New Business Premium 

DHFL Pramerica Life Insurance (DPLI) has achieved break-even in FY2014, its 6th year of operations. For the first time, the Company reported a small net profit, making it one of the fastest companies to break-even in the Life Insurance industry. DPLI recorded a growth of over 29% in Gross Written Premium at Rs 306 crore in 2013-14 and added over 4 lakh customers to its fast growing customer base. 

Commenting on the results, Anoop Pabby, MD & CEO, DPLI said, "I am pleased to announce that DHFL Pramerica has achieved a break-even in just 6 years of its operations. In an industry challenged by falling margins, coupled with reduction in New Business Premium, this is a significant achievement. We are very encouraged by our results and view this performance as the beginning of our journey to greater success and profitability." 

Talking about the way forward, Anoop Pabby said, "Our strategy to cater to affinity groups through a dedicated sales force, and customized products and processes is well thought out and would continue to drive our investments in innovatively approaching carefully crafted affinity segments. Alongside, we will continue to lay emphasis on designing innovative products and enhancing our quality of advice and service delivery in our quest to become the most preferred life insurance partner for our customers and distributors." 

DPLI is one of the fastest growing Life Insurance Companies in India today. Since its first full year of operations (FY 2009-10), it has shown a Compounded Annual Growth Rate (CAGR) of 65% in terms of Gross Written Premium and 46% in terms of New Business Premium collected. As of March 31, 2014, the Company's Total Sum Assured (SA) was around Rs 6600 crore, and Total Assets Under Management (AUM) stood at Rs 721 crore. DPLI has a healthy solvency ratio at 537% as against the regulatory requirement of 150%.
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