The company has posted 27% growth in net premium collection to Rs 12857.95 crore in Q2FY2021, aided by 28% growth in the renewal business to Rs 7150 crore, while new business premium also jumped 27% to Rs 5940 crore in Q2FY2021.

New Business APE eased 4% to Rs 2710 crore in Q2FY2021 from Rs 2810 crore in Q2FY2020.

The Value of New Business (VoNB) fell 2% to Rs 510 crore in Q2FY2021, while VoNB margins improved to 18.8% in H1FY2021 from 18.1% in Q2FY2020.

Individual rated premium (IRP) has declined 11% to Rs 2270 crore in Q2FY2021, while Individual New Business Premium fell 4% to Rs 2870 crore in Q2FY2021.

Total protection new business premium has increased 27% to Rs 620 crore in Q2FY2021 from Rs 490 crore in Q2FY2020. The share of total protection NBP (individual and group) was flat at 10.4% in H1FY2021 from 10.5% in H1FY2020.

The Company has achieved market leadership in Total NBP of Rs 3060 crore with 23.9% private market share in Q2FY2021. Single premium has increased by 31%. Individual NBP from Non- par segment has increased by 50% to Rs 420 crore in Q2FY2021.

AuM has grown by 20% to Rs 186360 crore end September 2020 from Rs 154760 crore end September 2019 with debt-equity mix of 76:24. About 90% of the debt investments are in AAA and Sovereign instruments.

The Company's net worth increased by 20% to Rs 9660 crore end September 2020 from Rs 8070 crore end September 2019.

Indian Embedded Value (IEV) increased by 21% to Rs 29860 crore end September 2020 from Rs 24690 crore end September 2019.

The solvency ratio was 2.45x end September 2020 as against the regulatory requirement of 1.50.

The Company has strong distribution network of 207,520 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 H1FY2021 is bancassurance channel 49%, agency channel 13%, and other channels 38%.

The embedded value per share stood at Rs 298.6 per share end September 2020.

Financial Performance FY2020

New Business Premium (NBP) has increased by 15% to Rs 9000 crore in H1FY2021 from Rs 7820 crore in H1FY2020. The Company has achieved market leadership in Total NBP with 24.5% private market share in H1FY2021.

NBP from Non- par segment has increased by 51% to Rs 5890 crore in H1FY2021. GWP increased by 22% to Rs 20730 crore in H1FY2021 mainly due to strong growth in RP by 29% to Rs 11730 crore H1FY2021 from Rs 9120 crore in H1FY2020.

Total Cost has declined to 8.6% in H1FY2021, from 10.4% in H1FY2020. Commission ratio has moderated to 3.2% in H1FY2021, from 4.0% in H1FY2020. Operating expense ratio has eased to 5.4% in H1FY2021, from 6.4% in H1FY2020.

Value of New Business (VoNB) declined by 12% to Rs 750 crore in H1FY2021. VoNB margin increased by 70 bps from 18.1% in H1 FY2020 to 18.8% in H1FY2021.

Profit after Tax (PAT) grew by 38% in H1 FY2021 to Rs 690 crore from Rs 500 crore in H1FY2020.

The company has exhibited strong 25th month persistency at 78.83% in H1FY2021 as compared to 77.36% in H1FY2020. 61st month persistency has improved to 60.87% in H1FY2021 as compared to 57.48% in H1FY2020.