MetLife Insurance Company posts decent growth in the first quarter; Number of inforce policies crosses 8 Lakhs
Thu, Nov 15, 2018 12:43 PM on Financial Analysis, Latest, Others,
MetLife- American Life Insurance Company has published its Q1 report for the year 75/76.
The reserves of the company have grown from Rs.95.28 Crore to Rs.1.58 Arba by the end of the first quarter, marking an increase of 66.16% compared to the corresponding quarter of the previous year. The net earnings from premium have increased by almost 14% to Rs.96.46 Crore. Life insurance Fund of the company currently stands at Rs.15.45 Arba, up from Rs.13.68 Arba posted in the corresponding quarter of the previous year, marking an increase of 12.91%.
The company posted a net profit of Rs.6.37 Crore which was Rs.6.02 Crore in the corresponding quarter of the previous year. The net profits have increased by 5.8% by the end of the first quarter. Net claims payment of the company stands at Rs.49.54 Crore. The total inforce policy count, which was previously at 7.49 Lakh policies, has grown to 8 Lakh policies by the end of the first quarter.
Highlights
|
Particulars (In Rs '000) |
Q1 75/76 |
Q1 74/75 |
Difference |
|---|---|---|---|
|
Reserve & Surplus |
1,583,299 |
952,881 |
66.16% |
|
Net Earnings from Premium |
964,666 |
846,489 |
13.96% |
|
Life Insurance Fund |
15,450,303 |
13,683,888 |
12.91% |
|
Net Claim Payment |
495,419 |
296,068 |
67.33% |
|
Net Profit |
63,761 |
60,267 |
5.80% |
|
Total Inforce Policy count (No.) |
800,964 |
749,856 |
6.82% |
