IndiaFirst Life Insurance retail APE grows 25 pc to Rs 850 cr in FY20

Private life insurer IndiaFirst Life Insurance on Wednesday said it has reported a 25 per cent growth in individual annual premium equivalent (APE) to Rs 850 crore in the fiscal ended March 31, 2020.   The company had reported a retail APE of Rs 681 crore in FY19. APE is an insurance sector metric for annual premiums.    "Given the uncertainty of the present times and the challenging macro-environment, we have successfully closed this financial year with a 25 per cent year-on-year growth in individual APE," the company's Deputy CEO Rushabh Gandhi said in a release.         The renewal premium income stood at Rs 1,494 crore, as against Rs 1,140 crore in FY19. Total new business APE grew by 19 per cent to Rs 1,141 crore as compared to Rs 961 crore. Its claim settlement ratio stood at  98.56 per cent and the company paid claims in excess of Rs 346.82 crore in FY20.