Highlights:

As per the company, the second wave of pandemic appears to be steeper than the first wave. However, the company expects the impact on the economic activity to be curtailed through accelerated vaccination. Once the second pandemic wave eases and significant part of the population is vaccinated, the pent up demand is expected to boost economic activity.

The company has settled 2.9 lakh death claims during FY2021 amounting to Rs 3000 crore.

The company has insured 40 million lives during FY2021.

The company has recorded improved performance in each quarter with strong individual premium growth in Q4FY21.

The company has continued to record consistent and predictable growth while outpacing industry growth.

The company issued 9.8 million individual policies recording a growth of 10% in FY2021.

The company has exhibited an improvement of 130 basis points in individual WRP to 15.5% in FY2021.

The product mix of the company remains balanced in FY2021.

The company is confident about long to medium term growth prospectus of the protection business on the back of under penetration, rising affluence and awareness.

The company has recorded 4% growth in the individual protection business. The renewal premiums grew by 19%.

The company is observing a good signs in the credit protect business.

The company sees pension as the next big opportunity, while envisages of the pension business to continue to grow ahead.

The pension subsidiary continues to be the largest pension fund manager with an AUM of more than Rs 16000 crore with growth of 19% and a market share of 34%.

The company continues to maintain cautiously optimistic stand for FY2022 to given the second value of the pandemic. The company would strive to achieve sustainable new business growth and maintain upward trajectory for new business margin.

The company has provided for a covid reserve of Rs 165 crore for FY22, while it will continue to review the adequacy of this reserve through the course of FY2022.

The company continues to focus on online business to bring more business.

The bancassurance partners like HDFC bank and IDFC First Bank have exhibited better performance in selling the product and customer conversion.

The direct business had a muted performance due to lower footfalls, particularly in the first half of FY2021 and focus on claims settlement.

As per the company, the favourable product mix contributed about 160 bps to margin expansion.

Reinsurance rates in India are on the lower side even after the recent hikes.

With the focus on business in tier 2 and 3 cities, the company has partnered with Ujjivan, Suryoday, Equitas and Bandhan which are strong in tier 2 and 3 cities.