FINANCIAL PERFORMANCE
The net premium income stood at ₹9,488.8 crore in Q3 FY21 as against ₹7,855 crore in Q3 FY20, registering a 20.8 % YoY growth.

The net profit grew by 4.9% YoY to ₹263.4 crore in Q3 FY21 v/s ₹251.1 crore in Q3 FY20.

It sold 6.8 lakh policies during 9M FY21, registering a YoY growth of 5.6%.

The solvency position was at 202% as on 31st December, 2020.

Market share of Individual weighted received premium (WRP) increased by 214 bps to 16.4% in 9M FY21 from 14.3% in 9M FY20.

The market share of the group and the overall new business segment for the private sector was at 27.3% and 22.3%, respectively.

BUSINESS PERFORMANCE

The company witnessed new business premium trends for the individual and group credit protect business.

The savings business registered a sequential growth on account of an increase in the average ticket
size and the number of policies.

Individual WRP had a growth of 8% for 9M FY21.

The product mix included: ULIPs (Unit Linked Insurance Plans) at 23%, non-participating savings at
30%, participating savings at 35%, protection and annuity accounting at 7% and individual annual
premium equivalent (APE) at 5%.

There was a 17% growth in Individual protection business and 42% growth in Annuity in APE terms.

Renewal premium grew by 22% as on 31st December, 2020 with ~87% renewal done through the digital mode.

New business margin continued to grow on a sequential as well as on a YoY basis on account of return in growth and favourable product mix. The value of new business stood at ₹1,408 crore as on
December, 2020.

The operating return on Embedded Value (EV) was 18.3% for 9M FY21.

The credit protect (CP) business for Q3 stood at 95% of previous year’s volumes, which resulted in CP premiums to be at 63% of previous year’s volumes for 9M FY21.

KEY HIGHLIGHTS

The company continued to invest in digital assets platforms like LifeEasy and INSTAInsure.


In terms of the top reasons to buy insurance, tax saving was the 9th reason v/s 4th in 2013.

The company settled 1,271 individual and 542 group Covid-related claims as on 31st December

The frequency of claims intimation were higher during the quarter.

DISTRIBUTION CHANNEL
The bancassurance channel witnessed a growth of 20% during 9M FY21. Within bancassurance,
HDFC bank continued to trend well.

Agency channels continued to gain moderate traction in Q3.

The company is actively coordinating with its bancassurance partners including Yes Bank and SBI
Capital Markets.

FUTURE OUTLOOK

The management is confident of the medium to long term prospects of the Protection business.

The company expects continued growth from new business segment and an increase in new
business margins whilst adhering to a conservative risk management approach.

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