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IndiaFirst Life Insurance posted its FY24 results
23 October 2024
- Financial Performance: IndiaFirst Life recorded its highest-ever Profit After Tax (PAT) of ₹112 Cr, marking an impressive 47% growth from the previous year. The company's Gross Written Premium grew by 15%, surpassing ₹6,974 Cr for the first time since inception. This was driven by strong growth in New Business Premiums, which reached ₹2,975 Cr, a 9% year-on-year increase, and a robust Renewal Premium growth of 28% to ₹3,999 Cr. Additionally, Assets Under Management (AUM) grew by 25% to ₹27,073 Cr, reflecting the company's expanding customer base and efficient fund management.
- Operational Highlights: IndiaFirst Life expanded its digital transformation efforts with the launch of several technological innovations. These include enhanced digital self-service options, improving efficiency and customer satisfaction. The Net Promoter Score (NPS) rose from 36 in FY23 to 42 in FY24, driven by improvements in customer interaction. The introduction of the IVA (IndiaFirst Virtual Assistant) chatbot and a revamped website with an intuitive design boosted customer engagement and operational efficiency.
- Future Outlook: Looking ahead, IndiaFirst Life is well-positioned to capitalize on India's growing insurance market. With the IRDAI's "Insurance for All by 2047" vision, the company aims to increase its distribution reach through bancassurance partnerships and further develop its non-bancassurance channels. India’s favorable demographic trends, including a young population with increasing income levels, are expected to drive demand for insurance products, providing IndiaFirst Life with ample growth opportunities.
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