SUD Life is a three way partnership between public sector banks —
and — and Dai-ichi Life Japan.
The life insurer stated it honored about Rs 687 crore on gross claims throughout FY22, as in opposition to Rs 271 crore throughout the identical interval final yr.
The annual declare settlement rating registered an enchancment of 253.50 per cent, SUD Life stated in a launch.
The insurer stated it witnessed 20 per cent progress in renewal premiums in 2021-22 at Rs 2,211 crore, from Rs 1,835 crore in 2020-21.
The corporate’s solvency as of March 31, 2022, was at 2.1 occasions.
With the assistance of robust distribution and proper product combine, SUD Life has created a singular demand from market amid gradual financial revival submit pandemic, coupled with a sturdy vaccination drive, Abhay Tewari, MD & CEO- Star Union Dai-ichi Life Insurance coverage (SUD Life) stated.
“Growing curiosity about insurance coverage amongst folks in direction of securing life’s certainties can also be aiding progress,” Tewari stated.
The insurer stated its asset underneath administration (AUM) grew by 24 per cent to Rs 15,052 crore throughout the yr, as in opposition to Rs 12,093 crore a yr in the past.
“We continued to ship constant and sturdy retail EPI (Estimated Premium Revenue) progress of 48 per cent in FY22, whereas business grew by 20 per cent with personal sector witnessing a progress of 30 per cent, while sustaining a balanced and worthwhile product combine catering to buyer wants,” Tewari stated additional.
SUD Life stated it additionally efficiently accomplished its maiden debt issuance of Rs 240 crore at a aggressive fee to shore up its stability sheets to help the solvency submit the second wave of COVID claims.
