Star Union Dai-ichi Life Insurance Co Ltd, a joint venture of Bank of India, Union Bank of India, and Dai-ichi Life Insurance Co Ltd of Japan, has collected Rs1,271.95 crore of total premium during the 2011-12 financial year. This translates to a growth of 36.3 per cent in total premium and 27 per cent in new business premium for the financial year ended 31 March 2012.
This is despite negative growth registered by most life insurance companies during the financial year, a company release said.
The company has emerged a bancassurance-specialist company with successful activation of 92 per cent of the branch networks of partner banks - Bank of India, Union Bank of India – and seven regional rural banks to distribute life insurance products.
SUD Life has achieved average monthly activation ratio of 46 per cent during the year 2011-12. As a result, the company has achieved 54 per cent growth in number of policies sold. Nearly 75 per cent of its premium income has come through retail business.
In the individual business segment, the company has achieved a growth of 22.18 per cent.
During the year, the company collected Rs307.18 crore as renewal premium and has been continuously improving its persistency ratio, which is helping the company retain its position as the most cost-efficient company within the Bancassurance category.