The company saw a growth of 25% in its new business premium collection in FY 2013-14.
DHFL Pramerica Life Insurance has achieved break-even in FY 2013-14, its sixth year of operations. The company claims that it is one of the fastest companies to break-even in the life insurance industry. The company reported a net profit of close to Rs. 1 crore in the last fiscal.
Through a press release, Anoop Pabby, Managing Director & Chief Executive Officer, DHFL Pramerica said, “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.”
“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, he added.”
The company recorded a growth of over 29% in terms of gross written premium at Rs. 306 crore in 2013-14 and added over 4 lakh customers to its fast growing customer base. It recorded a growth of 25% in new business premium in FY 2013-14.
The press release said, “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.”
The company has assets under management of Rs. 721 crore as on March 31, 2014.