{"id":39636,"date":"2022-05-02T19:37:55","date_gmt":"2022-05-02T14:07:55","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-results-ageas-federal-life\/"},"modified":"2022-05-02T19:37:55","modified_gmt":"2022-05-02T14:07:55","slug":"biz-results-ageas-federal-life","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-results-ageas-federal-life\/","title":{"rendered":"Ageas Federal Life Insurance clocks Rs 94 cr net profit for FY22"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2397967246\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, May 2 (PTI) Private sector insurer Ageas Federal Life Insurance (AFLI) on Monday said it has posted a net profit of Rs 94 crore for the fiscal year ended March 2022.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2876586164\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> This is the 10th consecutive year of profit for the company since it first declared profit in FY2012-13, Ageas Federal Life said in a statement.<\/p>\n<p> The insurer said its total premium in 2021-22 rose by 13 per cent to Rs 2,207 crore as against Rs 1,959 crore a year ago, despite facing various challenges due to the pandemic.<\/p>\n<p> &#8220;The growth was driven by a 27 per cent rise in Individual New Business Premium to Rs 639 crore and 5 per cent rise in renewal premium to Rs 1,391 crore. The company also benefitted from a strong growth of 23 per cent in Individual New Business Premium from Federal Bank,&#8221; it said.<\/p><div class=\"trade-content_5\" id=\"trade-2938047245\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The life insurer improved its value of new business (VNB) margin by 9 per cent to 22.39 per cent on the back of better understanding of customers&#8217; needs during the pandemic, it added.<\/p>\n<p> The insurer said due to surge in claims due to COVID-19, its focus was on further digitising the claims process.<\/p>\n<p> Its turn around time (TAT) from date of intimation of claim to date of settlement for individual death claims (including COVID-19 claims) was 16 days.<\/p>\n<p> The TAT in resolving complaints during the year was 2 days &#8212; among the best in the life insurance industry and considerably lower than the industry average of 5 days, it said.<\/p>\n<p> The claim settlement ratio for individual death claims in 2021-22 was 97.03 per cent despite the challenges faced on account of the pandemic.<\/p>\n<p> &#8220;Despite the uncertain COVID situation during the first few months of the year, we recovered strongly to declare profit for the tenth consecutive year. On the distribution front, bancassurance continued to contribute in a big way to our growth numbers during the year.<\/p><div class=\"trade-content-10\" id=\"trade-2160117983\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;We also focused on growing our proprietary channels &#8211; agency, group, online, and DST (direct sales team) in a smart, calibrated manner,&#8221; said Vighnesh Shahane, MD and CEO, Ageas Federal Life Insurance.<\/p>\n<p> He said the company also witnessed an increased demand for term plans as awareness has grown over the last couple of years. Also, with the falling interest rate regime and the uncertain global economic scenario, customers are showing greater interest in guaranteed plans.<\/p>\n<p> &#8220;Interestingly because the stock markets have been buoyant over the last 18 months, we have also seen a lot of new in-flows and renewals of ULIP plans&#8230;<\/p>\n<p> &#8220;We aimed to leverage the power of automation including next-generation digital technologies like Artificial Intelligence (AI), Machine Learning, and Data Analytics to transform our interactions with customers, employees, distribution partners, vendors and other stakeholders,&#8221; Shahane said further.<\/p>\n<p> He also informed that Ageas, the foreign partner of the life insurance company, will increase its stake in the JV to the maximum permissible limit of 74 per cent and it is being reviewed by regulator Irdai.<\/p>\n<p> Ageas Federal Life Insurance will become the first company in the insurance sector where the foreign partner will raise its stake to the maximum limit of 74 per cent, Shahane added.<\/p>\n<p> The insurer was originally a tripartite JV between Federal Bank, IDBI Bank and Ageas.<\/p>\n<p> Ageas increased its stake in AFLI from 26 per cent to 49 per cent after buying 23 per cent stake from IDBI Bank in December 2020. Federal Bank holds 26 per cent in AFLI.<\/p>\n<p> Shahane said the insurer is actively looking to rope in another partner, which may be another bank as well as it helps scale the insurance business.<\/p>\n<p> AFLI began operations in 2008 and reported its first profit in the fifth year itself. PTI KPM  KPM ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-1221033369\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, May 2 (PTI) Private sector insurer Ageas Federal Life Insurance (AFLI) on Monday said it has posted a net profit of Rs 94 crore for the fiscal year ended March 2022. This is the 10th consecutive year of profit for the company since it first declared profit in FY2012-13, Ageas Federal Life said [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-39636","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ageas Federal Life Insurance clocks Rs 94 cr net profit for FY22 - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-results-ageas-federal-life\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ageas Federal Life Insurance clocks Rs 94 cr net profit for FY22\" \/>\n<meta property=\"og:description\" content=\"New Delhi, May 2 (PTI) Private sector insurer Ageas Federal Life Insurance (AFLI) on Monday said it has posted a net profit of Rs 94 crore for the fiscal year ended March 2022. 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