New Business APE galloped 48% to Rs 3970 crore in Q4FY2021 from Rs 2690 crore in Q4FY2020.

The Value of New Business (VoNB) improved 63% to Rs 880 crore in Q4FY2021, while VoNB margins improved to 20.4% in FY2021 from 18.7% in FY2020.

Individual rated premium (IRP) has rose 46% to Rs 3640 crore in Q4FY2021, while Individual New Business Premium improved 53% to Rs 4370 crore in Q4FY2021.

Total protection new business premium has increased 31% to Rs 840 crore in Q4FY2021 from Rs 640 crore in Q4FY2020. The share of total protection NBP (individual and group) has declined to 13.6% in Q4FY2021 from 16.8% in Q4FY2020.

AuM has grown by 38% from Rs 160360 crore end March 2020 to Rs 220870 crore end March 2021 with debt-equity mix of 73:27 and more than 90% of the debt investments are in AAA and Sovereign instruments.

The Company's net worth increased by 19% from Rs 8743 crore end March 2020 to Rs 10400 crore end March 2021.

The solvency ratio was at 2.15x as against the regulatory requirement of 1.50x.

Strong 13th month persistency of 87.92% in FY2021 as compared to 86.14% in FY2020. Strong 37th month persistency of 74.08% in FY2021 as compared to 71.56% in FY2020. 61st month persistency has improved to 61.63% in FY2021 as compared to 59.90% in FY2020

The Company has strong distribution network of 225,381 trained insurance professional and widespread operations with 947 offices across country. The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business. NBP channel mix for FY 2021 is bancassurance channel 56%, agency channel 17%, and other channels 27%.

The embedded value per share stood at Rs 333.9 per share end March 2021.

Financial Performance FY2021

Gross written premium has increased by 24% to cross Rs 50000 crore mark. The increase in GWP is mainly due to strong growth in RP by 23% from Rs 24040 crore in FY2020 to Rs 29630 crore FY2021.

New Business Premium (NBP) has increased by 24% from Rs 16590 crore in FY2020 to Rs 20620 crore in FY2021. The Company has achieved market leadership in NBP with 21.9% private market share in FY2021. The Company has also achieved market leadership with IRP of Rs 10220 crore securing 22.6% private market share in FY2021.

Total Cost ratio has decreased to 8.3% in FY2021, from 9.9% in FY2020. Commission ratio has decreased to 3.5% in FY2021 from 4.0% in FY2020. Operating Expense has decreased to 4.8% in FY2021, from 5.9% in FY2020.

Value of New Business (VoNB) increased by 16% to Rs 2330 crore in FY2021. VoNB margin increased by 170 bps from 18.7% in FY2020 to 20.4% in FY2021. Value of New Business (VoNB) increased by 20% to Rs 2660 crore for FY2021 (with effective tax rate).

Profit after Tax (PAT) grew by 2% in FY2021 to Rs 1460 crore from Rs 1420 crore in FY2020.