Mumbai : Star Union Dai-ichi Life Insurance (SUD Life), a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan’s total new business premium (NBP) reported stellar performance at Rs. 1926 Cr, up66 per cent year-on-year (YoY) from Rs 1164 Crthe year-ago period and honored approximately Rs. 687cr on gross claims during FY22as against Rs. 271cr during the same period last year.The annual claim settlement score an improvement of 253.50%.
One of the fastest growing Life Insurer,SUD Lifehas witnessed 20% growth in renewal premiums from Rs 1835crores in FY 21 to 2211crores in FY 22 and Its solvency as of March 31, 2022, was at 2.1 times.
“With the help of strong distribution and right product mix, SUD Life has created a unique demand from market post positive responsive on economy with gradual receding of Covid-19, coupled with a robust vaccination drive including children. Increasing interest about insurance among people towards securing life’s certainties is also aiding growth,” said Mr. Abhay Tewari, MD & CEO- Star Union Dai-ichi Life Insurance (SUD Life).
In the twelve-month ended March AUM grewfrom Rs.12093cr to 15052cron Y-o-Y basis registering a growth of 24%.
“We continued to deliver consistent and robust retail EPI growth of 48 per cent in FY22, whereas industry grew by 20% with private sector witnessing a growth of 30%, whilst maintaining a balanced and profitable product mixcatering to customer needs,” added Mr. Tewari.
During the fourthquarter SUD Life successfully completed its maiden debt issuance (₹240 Cr) at a competitive rateto shore up its balance sheets to support the solvency post the 2nd wave of COVID claims.