Page 13 - Insurance Times September 2019

Private Life Insurance

News

Bharti AXA Life joins ICICI Pru Life Q1 net remains flat at Rs. 285 crore
ICICI Prudential Life Insurance has posted a net profit of Rs 285 crore for the
hands with Akshaya three months ended June, which indicat5es almost
Patra Foundation flat growth as compared to the year-ago period.
ICICI Prudential Life Insurance had a net profit of
Bharti AXA Life Insurance said it has
pa rtnered Rs 282 crore in 2018 June quarter.
w i t h Total income (premium, investment and other) rose
A k sha y a 5% to Rs 8,319 crore in the first quarter of the cur-
Patra Foun- rent fiscal as against Rs 7,920 crore in the same period a year ago, according to a
dation to regulatory filing. "Value of new business (VNB) for Q1FY20 was Rs 309 crore. With
support and contribute to the mid- an annualised premium equivalent (APE) of Rs 1,470 crore for the quarter, VNB
day meal programme for govern- margin was 21% for the quarter as compared to 17% a year ago. The increase in
ment school children. VNB margin is primarily on account of increase in protection mix," it said.
Bharti AXA Life has urged its employ- The company said it has strong focus on improving the quality of business and
ees to donate a day's salary and help customer retention. "We believe our customer centric approach and
transform the lives of many. The do- digitalisation initiatives, coupled with the growing needs of protection, savings
nation will be offered to Akshaya Patra and retirement for the country's young working population will continue to
to sponsor meals for school children drive growth for us," said N S Kannan, MD and CEO of ICICI Prudential Life.
from underprivileged sections of the
society, the company said. Aegon says customer data possibly exposed

"We have partnered with Akshaya Aegon Life Insurance said that its website possibly exposed data of 10,000 cus-
Patra Foundation to support mid-day tomers. However, the company informed that it is
meal drive across the country. We probing into the matter. The insurer further stated
strongly believe that a full stomach that the incident was not the result of a hack and
leads to better learning and powers Aegon Life does not have evidence that customer in-
their future with protecting lives to formation was taken.
spreading smiles,'' Vikas Seth, Manag- "Aegon Life Insurance, India announces that a vulner-
ing Director and Chief Executive Of- ability on their website exposed information of some
ficer, Bharti AXA Life Insurance, said. Indian customers who had used web forms to get in touch with Aegon Life," it
"We see a positive value in associ- said in a release. "Aegon Life immediately fixed the vulnerability and has in-
ating with Bharti AXA Life Insurance formed all customers of this exposure. Aegon Life estimates that up to 10,000
for our mid-day meal programme. customers were possibly affected."
This association will help us take a "We will initiate an outreach program in coming days to offer guidance to af-
few steps towards our mission of fected customers and to let them know what information was exposed. At
reaching 5 million children by 2025," Aegon Life, data security and customer privacy are of utmost importance and
said Shridhar Venkat, CEO, The we will continue to be transparent with customers as we investigate further,"
Akshaya Patra Foundation. the company said.

The Insurance Times, September 2019 13