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The world belongs to the indomitable. Annual Report 2020-21 Ageas Federal Life Insurance Company Limited (Formerly known as IDBI Federal Life Insurance Co. Ltd.) AgeasFedral_Annual Cover Page_Size: 210mm X 297mm_300dpi Table of Contents 1-36 102-237 CORPORATE OVERVIEW FINANCIAL STATEMENTS 2 An Introduction 102 Financial Statements 4 Our Achievements in Numbers 6 MD & CEO’s Message 10 Board of Directors 14 Senior Management Team 238-243 18 Winning Customers for Life MANAGEMENT REPORT 22 Technology Reshapes a Brave New World 26 Empowering Our Workforce 238 Management’s Report 28 Building a Bolder Brand Outlook 32 Working Together for the Community 36 Awards & Accolades 37-101 STATUTORY REPORTS 37 Directors’ Report 69 Report on Corporate Governance For more details, please visit: www.ageasfederal.com We are living in unprecedented times. The COVID-19 scenario. Economic upheaval. Climate change. Technological disruption. Globalisation-led turmoil. These upheavals, and the constant barrage of negative news, have made people fearful of the future and what it will bring. During this time of general gloom, where anxiety and worry is rife, Ageas Federal Life Insurance articulated a message of hope and optimism. A reminder that the future can also be a place of possibilities. And about the power of a positive outlook to overcome challenges and change outcomes. We reminded people that the right financial planning and timely investment in life insurance solutions would enable them to financially protect their loved ones while achieving their dreams. Through committed customer service, an enhanced digital experience, dedicated employees and robust business practices, Ageas Federal would support them along every step of life’s journey, helping them to fulfil their aspirations and reminding them that... The World Belongs to the Indomitable! Annual Report 2020-21 An Introduction The newly rebranded Ageas Federal Life Insurance has taken a bold step to daringly differentiate itself from the competition. It leads the way with its unique initiatives, superior customer service and has reached out to new audiences to provide the financial safeguards for its customers to become #FutureFearless. AGEAS FEDERAL LIFE INSURANCE is a JOINT AN INTRODUCTION TO VENTURE of three prominent entities: WHO WE ARE Ageas Federal Life Insurance Company Limited (formerly IDBI Federal Life Insurance Co Ltd and henceforth known as Ageas An international insurance Group with a heritage Federal/the Company) is one of spanning nearly 200 years. India’s leading private life insurance Offers retail and business customers insurance companies. products designed to suit their specific needs. Founded in 2007, as a three-way As one of Europe’s larger insurance companies, Ageas joint venture between Ageas, is the No.1 insurer in Belgium and ranks as a market leader in most of the countries in which it operates. Federal Bank, and IDBI Bank, this institution is today newly rebranded as Ageas Federal Life Insurance Company Limited. During FY 2020-21, Ageas Insurance International NV increased its stake India’s major private sector bank with a dominant to 49% by acquiring 23% of stake presence in Kerala. from IDBI Bank. Federal Bank holds Serving retail customers with a robust portfolio of a stake of 26% in the Company financial solutions. while IDBI Bank’s stake now stands Nationwide footprint of over 1,200 branches at 25%. and 1,900 ATMs. Since it commenced operations in 2008, the Company has widened its product portfolio that encompasses a diverse range of wealth management, protection and India’s premier development and commercial bank. retirement solutions for individual Serving retail and corporate customers with an and corporate customers. extensive suite of innovative products and services. Pan-India presence comprising more than 1,800 branches and 3,460 ATMs. 2 Ageas Federal Life Insurance Co. Ltd. CORPORATE STATUTORY FINANCIAL MANAGEMENT OVERVIEW REPORTS STATEMENTS REPORT Business Highlights > 14.46 lakh ` 1,08,135 crore ` 9,437 crore Total policies issued Total sum assured New Business sum assured ` ` 86% ` crore 12,101 13% 340% Persistency for 13th Assets Under Management Expense Ratio Solvency Ratio month – amongst the best in the industry OUR PURPOSE OUR MISSION OUR VALUES Empowering you to create the life Reaching out to customers, • Passion and lifestyle of your choice. through empowered and • Integrity engaged employees and • Execution distributors facilitated by cutting- • Ambition edge technology, right selling • Transparency and seamless service to meet their ever-evolving needs. Our Guiding Principles • Think Different • Display Ownership • Be Solution-Focussed • Be Agile • Embrace Openness Ageas Federal Life Insurance Co. Ltd. 3 Annual Report 2020-21 Our Achievements in Numbers Through its diverse suite of products, Ageas Federal Life Insurance has always empowered its customers to live life #FutureFearless. Since selling its first policy in March 2008, Ageas Federal Life Insurance has recorded numerous milestones, making it one of the most trusted players in the Indian life insurance market. ` 6% 24% 4% Total Premium Growth Individual New Business Renewal Premium Growth Premium Growth ` th 24% Recorded the 9 13% consecutive year of profit Operating cost to gross premium Growth in Assets Under Management (AUM) 13% 85 Final Dividend paid TRUST Index Score 4 Ageas Federal Life Insurance Co. Ltd. CORPORATE STATUTORY FINANCIAL MANAGEMENT OVERVIEW REPORTS STATEMENTS REPORT Assets Under Management (in ` cr.) Total Premium (in ` cr.) FY 2016-17 6,090 FY 2016-17 1,565 FY 2017-18 7,503 FY 2017-18 1,783 FY 2018-19 9,107 FY 2018-19 1,933 FY 2019-20 9,775 FY 2019-20 1,843 FY 2020-21 12,101 FY 2020-21 1,959 OPEX / Total Premium (%) Net Profit (in ` cr.) FY 2016-17 16 FY 2016-17 52 FY 2017-18 15 FY 2017-18 101 FY 2018-19 14 FY 2018-19 133 FY 2019-20 14 FY 2019-20 148 FY 2020-21 13 FY 2020-21 119 Ageas Federal Life Insurance Co. Ltd. 5 Annual Report 2020-21 MD & CEO’s Message Our resilient results were the outcome of our continued focus on developing proprietary distribution channels, leveraging our bancassurance network and deploying technology across the various facets of our business. Dear Shareholders, your reaction to adversity, not the with despite the uncertainties The unparalleled challenges adversity itself, that determines in the operating environment. brought about by the coronavirus how your life’s story will develop.” We adopted the new identity outbreak have placed tremendous of Ageas Federal Life Insurance demands on all of us. We are Over the course of the year, as a Company Limited, pursuant to our being tested in ways that were company, we have demonstrated foreign partner, Belgium-based unimaginable prior to this that we are determined to stay Ageas Insurance International NV pandemic. Yet, more than ever fearless and help our customers, increasing its shareholding to 49% before, it is important to embrace employees and communities by acquiring 23% of stake from positivity and remain optimistic. imbibe the same spirit of courage IDBI Bank. Federal Bank holds For, while the past cannot be and resilience, no matter what a stake of 26% in the Company changed, a fearless mindset can challenges lie ahead. while IDBI Bank’s stake now help us to better navigate the stands at 25%. future and embrace the world of New Identity, Same Values possibilities it offers. As German Our fearless character was Through the years, we have built aviator and religious leader, Dieter reflected in our rebranding our brand on the foundation of F. Uchtdorf, famously said, “It is strategy which we went ahead positivity, optimism and wellness. 6 Ageas Federal Life Insurance Co. Ltd. CORPORATE STATUTORY FINANCIAL MANAGEMENT OVERVIEW REPORTS STATEMENTS REPORT While we have embraced a new pandemic has encouraged more identity, we remain anchored to and more people to invest in life our core purpose of empowering insurance as a security measure to people to create the life and protect their loved ones. lifestyle of their choice. Partnering our Customers to Our Financial Scorecard become #FutureFearless 24% Despite the challenges in FY21, Committed to meeting our Rise in Individual New we delivered a strong financial customers’ expectations and Business Premium performance. Our profit before helping them look boldly towards tax stood at ` 135 crore, this the future, we realigned our being the 9th consecutive year of product suite in tune with their profit. Moreover, total premium evolving needs. During FY21, regions, we ensured speedy claims collection increased by 6% we filed six new plans with settlement based on scanned year-on-year to ` 1,959 crore. IRDAI, launched five new images, with a main focus on This growth was driven by a 24% products and modified two claims on account of deaths due rise in Individual New Business existing plans. While being to COVID-19. The repudiation Premium and 4% rise in renewal more customer-centric, our new ratio for FY21 improved to 2.16% premium. The Company also products also provide greater as against 3.18% in FY20 for benefited from a strong growth of flexibility, a much-needed individual death claims, while 40% in Individual New Business feature as the world grapples the repudiation ratio specifically Premium from Federal Bank as with uncertainties. for COVID-19 claims was 1.69%. well as a growth of 40% by our Additionally, since July 2014, we Agency channel. Assets Under Adapting to the new normal, have not been required to pay any Management increased 24% to we reimagined the customer interest for delayed settlement ` 12,201 crore in FY21 from experience by investing in newer of non-early claims under ` 9,775 crore in FY20. While our technology and focussing on our ‘8-Day Claims Settlement customer-centric solutions helped digital channels and online Guarantee’ initiative.
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