Latest news with #TermLife
Economic Times
09-06-2025
- Business
- Economic Times
Digit Life Insurance FY25 revenue crosses Rs 1,300 crore in first full year of operations
Digit Life Insurance witnessed substantial growth in FY 2024-25. Its revenue surpassed Rs 1,315.9 crore. The company settled claims worth Rs 2.88 billion. Digit Life improved its claim settlement turnaround time to 1.89 days. The claim settlement ratio reached 99.53%. The company focuses on simplifying products and enhancing trust. Digit Life has served 6.7 million customers with over 4,000 agents. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Go Digit Life Insurance Limited ( Digit Life ), a new-age life insurance company, said its revenue (total gross written premium including reinsurance inward) crossed Rs 1,315.9 crore in FY 2024-25 compared to Rs 492.5 crore in the year-ago company settled claims worth Rs2.88 billion in FY 2024-25 with most claims (worth Rs1.97 billion) being paid under the Group Term Life Insurance category. Digit Life's average TAT of death claims settlement too, improved to 1.89 days during the year from 2 days in FY 23-24 with its claims settlement ratio for the same period hitting 99.53%.Digit Life shared the key figures as part of the second edition of its Transparency Report, a bi-annual exercise where it goes beyond mandatory disclosures and shares various data-led insights and stories.'We are encouraged by the response we have received in the last one year. We now have a robust portfolio of both retail and group products and will look to expand both segments equally in the coming years. We as a company will continue to focus on simplifying life insurance products and improving trust levels in the ecosystem—with the transparency report both as our report card and trust promise," Sabyasachi Sarkar, MD & CEO, Digit Life, company said it has developed a fully automated and secure verification process to identify and check declaration matches and built advanced face matching technology to verify the identity of its customers. It has also developed a claim document classification service that uses an intelligent process to quickly sort claims Life Insurance has served 6.7 million customers since its inception and now has over 4,000 agents and intermediaries. Its Solvency Ratio currently stands at Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (having Fairfax Financial Holdings Limited as its ultimate parent company) are the promoters of Digit Life Insurance. Fairfax Financial Holdings Limited is listed on the Toronto Stock Exchange in Canada.
Business Wire
29-05-2025
- Business
- Business Wire
Gen Re Releases 2024 U.S. Group Term Life Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released results of the 2024 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) inforce and new sales results for the U.S. market, representing combined employer-paid and employee-paid business. Gen Re releases 2024 U.S. Group Term Life Market Survey results: Large growth in Group Term Life business. Share Twenty-five companies provided Group Term Life results, while 21 provided AD&D results. Key observations of the survey include: Participants reported $33.2 billion in total Group Term Life inforce premium, a 5% increase compared to 2023 results. Participants reported a 12% increase in new Group Term Life sales premium. New sales premium totaled $3.2 billion in 2024. Average face amount for new sales was $131,355 in 2024, while the inforce average face amount was $104,899. Average premium per case grew 11% for new sales and 4% for inforce business. Compared to 2023, both Group AD&D new sales and inforce premium grew 3%. The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at About Gen Re Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights.
