IBDI Federal Life Insurance, a three-way JV between IDBI, Federal Bank and Aegis, was expecting a flat growth in new business premium in the current financial year, a company official said.
“Last fiscal, the growth was 15 percent. We are expecting a growth between 12 percent and 18 percent this fiscal,” CEO and whole-time director of IDBI Federal Life, Vighnesh Shahane, told PTI.
IDBI Federal Life expects flat growth
This , he said, was mainly due to the fact that the organisation had been going through a bit of uncertainty at the moment. While IDBI holds 48 percent, Federal Bank and Aegis hold 26 percent each in the company.
The insurance behemoth LIC completed the acquisition of 51 percent stake in IDBI Bank following possible change in the name of the bank. With a market share of two percent in new business income, Shahane said that 20 percent to 25 percent of the business was from individuals.
Stating that eastern India was a good market for the insurance company, he said it was the highest in terms of premium income. Term policies constituted five percent to six percent of the overall sales, adding that the target was to take it to ten percent by the end of the fiscal..