June 04, 2013 10:36 pm | Updated 10:36 pm IST - MUMBAI
IDBI Federal Life Insurance has reported a maiden profit of Rs.9.24 crore in 2012-13, thus turning into profit in five years of operation. New business premium grew by 23 per cent compared with the negative growth of 15 per cent posted by the industry.
The company also witnessed a 44 per cent increase in the number of new business policies sold, it said.
“We have pursued profitable growth ,” said G. V. Nageswara Rao, Managing Director & CEO, IDBI Federal Life Insurance.
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