Page 17 - Insurance Times June 2021

Exchange Management Act) Palta said he expects growth to Total assets under management
notification. The Insurance continue based on the additional width (AUM) grew by 47.16 per cent to Rs
(Amendment) Bill, 2021, was passed by in distribution the insurer has set up, a 46,281 crore in FY21 from Rs 31,450
Parliament in March. positive environment and the crore in the last fiscal.
momentum in insurance sales that was
The Bill amended the Insurance Act, seen from the second half of 2020-21. The 13th month persistency remained
1938. FDI in the insurance sector was at 88.28 per cent despite the adverse
increased from 26 per cent to 49 per The insurer added over 100 impact of the Covid-19 pandemic, the
cent in 2015. The announcement for partnerships last fiscal, which it release said.
hiking the FDI limit was made in the believes will help distribution and spur During the year, 98 per cent of its
Union Budget 2021-22 on February 1. growth. policies were submitted digitally. The
The new arrangement is expected to In terms of bancassurance self-service ratio for policy-holders also
benefit 23 private life insurers, 21 partnerships, it tied up with IndusInd went up to 91 per cent from 85 per
private non-life insurers and seven Bank, AU Small Finance Bank, IDFC cent in FY20.
specialised private health insurance First Bank, RBL Bank and NSDL
companies. Payments Bank. It also tied up with
distributors including PhonePe and Bajaj Allianz Life Insurance
ICICI Prudential Life Wealth India Financial Services as well declares bonus of Rs 1,156
as insurance broking entities -BSE EBIX
Insurance optimistic about and Magnum Insurance Broking. crorefor policyholders
growth opportunities Tata AIA Life Insurance Bajaj Allianz Life Insurance has
declared bonuses amounting to Rs
ICICI Prudential Life Insurance is 1,156 crore to its policyholders. This
optimistic about growth opportunities FY21 total premium up includes a special one-time bonus of Rs
this fiscal despite the second wave of 34% to Rs 11,105 cr 315 crore, which is over and above the
the Covid-19 pandemic that has Tata AIA Life Insurance (Tata AIA Life) regular bonus.
impacted many lives and livelihood. said its total premium income grew by
"Our aspiration of doubling the value 34 per cent to Rs 11,105.09 crore in The company said in a statement that
of new business (VNB) growth by 2020- fiscal 2021 as against Rs 8,308.51 crore this will benefit nearly 1.2 million
23 is guided by APE growth or overall in FY20. (11,99,612) policyholders. This is the
topline premium growth. We need to It registered a 26.9 per cent jump in 20th consecutive year the company
typically grow at 25 per cent to 28 per individual weighted new business has declared a bonus.
cent on VNB annually for next two premium (IWNBP) income to Rs 3,416 The bonus declared by the Company is
years," said Amit Palta, Chief crore in FY2020-21 as against Rs 2,692 for the policies of all participating
Distribution Officer, ICICI Prudential crore in FY20, the insurer said in a products, which are in-force for full
Life Insurance, adding that margin release. sum assured as on March 31, 2021,
expansion now has limited scope for and for which customers are paying
growth. The total renewal premium income premiums regularly. The one-off
has also witnessed a 37 per cent
Palta said the insurer registered its best growth compared to the last financial special bonus and the regular
ever month in March 2021, but growth year and increased from Rs 5,066.49 reversionary bonus are payable at the
was impacted from the second-half of crore to Rs 6,961.36 crore, it said. time of maturity or death of the
April as the Covid-19 case load spread. policyholder.
"We kept up the momentum of our
However, there has been improvement business even in the most disruptive Tarun Chugh, Managing Director and
in the last few weeks of May. year. Our market share grew, Chief Executive Officer, Bajaj Allianz
According to IRDAI data, ICICI outpacing industry growth yet again Life Insurance said, "We are sure that
Prudential Life Insurance registered a and we continue to maintain our this one-off special bonus will not only
38.55 per cent growth in first year leadership in protection, having make customers happy, but will
premium in the first two months of the registered the highest growth in the encourage several of our customers to
fiscal upto May 31, 2021 though it last two years," Tata AIA Life stay invested in their Life Goals." Bajaj
declined by 3.93 per cent for the Managing Director and CEO Naveen Allianz Life has a Claims Settlement
month of May 2021. Tahilyani said. Ratio of 98.48 percent for FY21. T

The Insurance Times, June 2021 17