Highlights:

The company has delivered strong results in a challenging year, while maintaining leadership position in new business premium with 21.9% private market share in FY2021.

The gross written premium has crossed the milestone of Rs 50000 crore mark, which is mainly driven by strong growth in renewal premium.

The focus of the company is on raising market share of protection and other profitable products.

The company has continued investments in digitalization and automation in the wake of covid.

The company aims to maintain its cost leadership with a reduction in the cost ratio from 9.9% in FY20 to 8.3% in FY21, while the room for further improvement is limited. The enhanced use of technology including robotics, block chain and cloud computing has supported improvement in efficiencies.

The focus of the company is on providing array of products and products based on preferences of customers.

The protection business was in high demand in FY2021 on account of pandemic.

The annuity business contributes 15% to new business premium.

The Non-PAR business is growing strongly and the company has a bouquet of 38 insurance products totally and does not push any particular product.

There is no plan of withdrawing from ULIPs as it is the real need of customer and the demand has picked up from low in Q1FY2021.

The company has launched a new protection plan in May 2021 with an average price hike of 10%. As per the company, new product is complementary to its existing suite of products which will drive further growth.

The embedded value of the company surged 27% to Rs 33400 crore, while strengthened mortality assumptions led to a minor decline of Rs 80 crore in embedded value.

The company has paid Rs 320 crore of Covid-19 death claims in FY21 relating to 5073 claims. Total mortality claims increased 63% yoy to Rs 3200 crore

The company carries provision buffer of Rs 183 crore for future Covid-19 claims. These provision along with strengthening of mortality assumptions will reduce risks to embedded value ahead.

The company has strong distribution network of 225381 trained insurance professionals and widespread operations with 947 offices across the country.

All channels contributed to growth and enabled business growth despite a challenging year.

Banca channel is expected to grow in coming years as the strong partnership with SBI will help in growth as the amount of business with SBI is growing

UCO Bank, Yes Bank, Suryoday Small Finance Bank were added as new partner during the year