Ageas Federal Life Insurance Net Profit Grows By 21% In FY2022-23, Reaches INR 114 Crore

Records eleventh consecutive year of profit 

Total premium up by 4% at INR 2289 crore, Ind NBP up 5% 

VNB margin improved by 39% to 31.23% during FY 2022-23 

AUM during FY2022-23 rise 9% to INR 15,129 crore 

Ageas Federal Life Insurance, one of India’s leading private life insurance companies announced its financial results for the 12-month period ending March 31, 2023, reporting a Net Profit of INR 114 crore. This is the 11th consecutive year of profit for the private Life Insurer since it first declared profit in FY2012-13. Ageas Federal’s total premium rose by 4% to INR 2,289 crore in FY 2022-23 from INR 2,207 crore in FY2021-22.  

An understanding of customers’ evolving needs and catering to them with the appropriate products and solutions has helped Ageas Federal to improve its VNB margin by 39% to 31.23%. Superior customer service and a focus on developing long-lasting relationships with its customers has borne fruit with the 13th month persistency reaching 80% and the Company being in the top quartile of all persistency buckets.   

The average turnaround time (TAT) in resolving complaints for FY 2022-23 was 2 days which is among the best in the life insurance industry and considerably lower than the industry average of 5 days. This was the ninth consecutive financial year end where the pending complaints were nil at the end of the year.  

Ageas Federal has focused on further digitalising the claims process to make the journey better and more efficient. The average TAT from intimation to settlement for individual death claims was 8 days in FY 2022-23 as compared to 16 days in FY 2021-22. The claim settlement ratio for individual death claims in FY 2022-23 was 96.06% and the repudiation ratio was 3.11%.  

Commenting on the Company’s performance during the year, Mr. Vighnesh Shahane, MD & CEO, Ageas Federal Life Insurance said, “During the year, Ageas Federal became the first life insurance company in India to have 74% stake held by a foreign shareholder with Belgium-based, Ageas Insurance International NV increasing its overall stake to 74% from the earlier held 49%.  

To drive the next phase of growth and become more future-ready, the organisation has embarked on a Transformation Journey centring around 8 pillars. Through these 8 pillars, we aim to achieve our strategic objectives of building a multi-channel business model; shaping our products to fulfil customer needs; focusing on digitalisation and data analysis to drive growth; re-imagining the customer journey; and nurturing a culture of sustainability. 

In line with these objectives, we further strengthened our relationship with Federal Bank, our shareholder and bancassurance partner by implementing an end-to-end microservices-based application enabling digital acquisition and processing of insurance. We also focused on growing our proprietary channels - agency, group, online, and DST in a smart, calibrated manner.  

Catering to the evolving needs of customers, we took advantage of the ‘use-and-file’ framework extended by the regulator to launch new products and revamp existing ones. We also launched an automated underwriting platform and introduced OCR (Optical Character Recognition) aimed at achieving faster TATs and higher FTR (first time right) for customers. Further focusing on customer centricity, we have embarked on the journey of using the Net Promoter Score (NPS) with the objective of delivering better business outcomes through transformational strategies driven by customer insights,” Mr. Shahane added.  

Godrej & Boyce Launches India’s First-Ever Safety App ‘i-Report’ For Material Handling Operations In India

~ The app is equipped with over 1000 plus trained operators stationed at 200+ locations

~ Godrej RenTRUST is India’s largest rental equipment provider investing significantly to promote safety on the shop floor and warehouses. 

Godrej & Boyce, the flagship company of the Godrej Group, announced that its business Godrej RenTRUST, India’s largest warehouse rental equipment player, has launched an innovative safety solution, the i-Report app, to enhance safety in material handling operations in India. This is India’s first-ever safety application for material handling operations. The app will help reduce the gap in the industry's safety policies and standards by offering a 360-degree safety solution through remote and real-time incident reporting, audit, training, and consultation to their customers and business partners. The Safety App will be available in over 200 locations across 22 states and will be manned 24 X 7, by 1000+ trained operators.

Mr. Anil Lingayat, Executive VP & Business Head, Godrej Material Handling, stated, "We firmly believe that safety and customer-centricity form the bedrock of any successful business. Unrecorded incidents on the shop floor have been a concern for the industry. This is now set to change as all stakeholders will be able to proactively identify hazards and eliminate them. With the advent of this innovative application, Godrej RenTRUST is poised to set a new standard for safety initiatives in the Indian material handling industry, and further promote the culture of safety across manufacturing facilities and warehouse premises, suitably enabled with technology.”

Godrej RenTRUST has over the last 3 years, invested heavily in innovation, digitization, and technology. A significant share of this investment has been to promote safety at warehouses and manufacturing facilities. India has a booming warehouse market. The last couple of years has especially witnessed, a surging demand for well-equipped, modern warehouses that prioritize safety which is essential for a more productive workforce. Injuries incurring in warehouse operations can pose grave risks to the well-being of staff, while also disrupting workflow and incurring significant expenses.

Presently, there are no digital record-keeping mechanisms or safety protocols in place in Indian warehouses, leading to preventable accidents. The introduction of the 'i-Report’ Safety App marks a vital step in bridging this gap, enabling hazard identification and the provision of safety guidelines to mitigate accidents on the shop floor and in warehouses.

The state-of-the-art app was officially launched on the occasion of the 33rd Safety Foundation Day celebrated at Godrej & Boyce on 12th April 2023

With this app, all sites, crew, and customer representatives can easily log safety hazards, while a team of three dedicated safety supervisors will monitor the app. The process will only be closed once the safety officer of Godrej & Boyce confirms that the steps taken to close the hazard are safe and sustainable to prevent any such occurrence in the future.

The development of 'i-Report,' reflects the company's unwavering commitment to promoting safety and customer-centricity for this growing sector.

Sabine Nitzsche- Named New Chief Financial Officer Of Vitesco Technologies

* Sabine Nitzsche appointed as new Chief Financial Officer by the Supervisory Board with effect from November 1, 2023 

* Professor Siegfried Wolf, Chairman of the Vitesco Technologies Supervisory Board: “With Sabine Nitzsche, we have appointed a very successful and recognized manager to head the financial resort 

* Gratitude, accolades, and recognition for outgoing Executive Board member Werner Volz 

At its meeting the Supervisory Board of Vitesco Technologies Group AG appointed Sabine Nitzsche (50)- as new chief financial officer. 

Sabine Nitzsche succeeds Werner Volz (64), who assumed the role as managing director and chief financial officer in the course of the carve-out (January 1, 2019) and spin-off with consecutive listing (March 9, 2021) of the former Continental division Powertrain and later Vitesco Technologies Group AG and will enter into his well- deserved retirement. Both will share the month of October to guarantee a flawless transfer. 

“With Sabine Nitzsche, we have appointed a very successful and recognized manager to head the financial resort. The Supervisory Board wishes her all the best and every success in her new role,” said Professor Siegfried Wolf, chairman of the Vitesco Technologies Supervisory Board. 

“I am looking forward to working with Sabine Nitzsche,” said CEO Andreas Wolf adding: “On behalf of the whole Executive Board, I want to warmly welcome her to Vitesco Technologies. We are convinced that with her broad professional experience, she will be successful as head of finance.” 

Sabine Nitzsche started her professional career at Infineon in 1994. She passed through several operational functions in procurement as well as in project management before gaining experience in the 

Advanced Mask Technology Center (development and manufacturing of photolithography masks) in 2003, first in financial strategic business and later as director business administration. In 2011, her career path led her to Globalfoundries (US-based global semiconductor solutions contract manufacturer), where she took over the CFO position for the EMEA division in 2018 after seven years of financial divisional management. Finally, her path led back to Infineon in 2021, then in the role of CFO for the Automotive business segment. 

On the occasion of today’s meeting, both the Supervisory Board and the Executive Board also paid final tribute to the outstanding achievements of the outgoing Executive Board member Werner Volz. 

"On behalf of the Executive Board and the global Vitesco Technologies team, I would like to thank him for his many years of extraordinary commitment and valuable contribution at the helm of our company, whose financial management he took over during a challenging business phase and has always driven forward meticulously and extremely successfully since the spin-off with subsequent stock listing. I greatly appreciate that he will continue to be available to us with his knowledge and experience until the end of October and thus until the end of the third quarter”, Andreas Wolf said. 

Professor Wolf adding: "He deserves our praise and appreciation for the always trusting and collegial cooperation over the past years. In particular, I would like to pay special tribute to Mr. Volz for his achievements in connection with the spin-off of Vitesco Technologies, the securing of a financing base for the coming years and the creation of a distinct cost culture in the company." 

"Vitesco Technologies is a great company with excellent prospects for the future. Together we have made the company independent and taken it public. The past years have been intense and challenging, but at the same time a great and always fulfilling experience for me - both individually and as part of a team. Now I am looking forward to my next, very private, phase in life and wish Vitesco Technologies continued success,” Werner Volz closed. 

Furlenco Unveils A New Brand Identity, Offering Unmatched Flexibility For Furniture Rental And Purchase

* Furlenco rebrands and aims to flip the furniture world with new options to access furniture

* Upgrades technology infrastructure, for seamless customer experience

Exemplifying the freedom and flexibility of choice it offers to customers, Furlenco, India’s leading furniture and lifestyle brand, today unveiled its new brand identity, signifying a bigger, better, and bolder persona. Along with a bolder outlook, Furlenco’s new logo highlights its brand ethos and vision. The mint blue colour denotes the brand’s fresh, vibrant and lively characteristics offering flexibility for future innovation.

As part of the new identity, Furlenco has diversified its product portfolio to cater to the ever-evolving needs and has enhanced the tech-stack to provide a seamless experience for consumers. The largest furniture rental company in the country, Furlenco 2.0, in its new avatar has expanded its services to offer customers more options to access furniture by allowing them to rent, purchase new or refurbished furniture, and even sell it back when they no longer need it. Its diverse range of options empowers consumers to customize the furniture and shape their indoor experience.

Nitesh Mohandas, Chief Business Officer of Furlenco, stated, “Always moving fast and first, Furlenco has created furniture with innovative designs and trendy aesthetics. The first to build the rental category, we are now poised to further disrupt the furniture market by providing people with a bouquet of services to rent, buy new or refurbished items and sell back. Besides expanding our product and service offerings, we are taking a nuanced approach by helping customers view furniture as core building blocks in creating their dream homes. Naturally, we are thrilled to announce our rebranding to provide customers with more services than before. Since customer empathy constitutes the cornerstone of all our endeavours, we will continue working towards making Furlenco 2.0 a truly customer-friendly platform.”

In the coming months, Furlenco will venture into many novel categories with a mission to be India’s largest furnishing solutions. With the aim of reaching a wider audience and offering furnishing solutions, the company is planning to expand its products and services.

About Furlenco

Furlenco - India’s leading furniture and lifestyle brand was established in 2011. With flexibility and accessibility at its core offerings, Furlenco today provides its consumers with the freedom of choice (to choose any furniture they want), access (however they want), and change (by returning or selling back). 

Customers can currently access the latest offerings on www.furlenco.com

Armed with a team of experts and award-winning designers, they make sure every product is designed and crafted with utmost care and attention while keeping style and sustainability at the core. Furlenco’s knowledge base, design expertise and industry experience along with the advantage of having its logistics and warehouses, is what truly makes it a front-runner in the furniture and home lifestyle space.

Healthcare Provider Apollo Announces Expansion Of Its Genomics Institute

Apollo, the world’s largest vertically integrated healthcare provider, today announced the expansion of the Apollo Genomics Institute with the launch of the facility in Chennai. Doubling down on its investments in genomics, Apollo Genomic Institute was earlier launched in Mumbai and Delhi. By the end of 2023, Apollo aims to open three more genomics facilities in Hyderabad, Bangalore and Ahmedabad respectively.

India has made huge progress in terms of combating The Apollo Genomic Institute in Chennai will host a range of genomic services including genetic evaluation, clinical diagnostics, obstetric genetics, cancer genomics, prenatal genetic screening capabilities and more, empowering patients with information to manage and prevent genetic disorders. communicable diseases over the years; however, the increase in the number of genetic disorders in the recent past have been overlooked. With genomics, these diseases can be identified before they manifest; in turn, enabling early intervention and preventive care. The Apollo Genomics Institute aims to transform medical practice by bringing genomic services within the reach of every clinician & patient.

Photo Caption :- Left to Right - Prof. Sandi Deans NHS Genomic Medicine UK, Ms. Preetha Reddy Executive Vice Chairperson  Apollo Hospitals Group Thiru. R.N Ravi.

Brakes India Forays Into Lubricants With The All-New Brand Revia

* The engine oils will cater to both passenger car and commercial vehicle segments.

Brakes India, one of the most trusted names in the automotive sector for safety & quality, forays into the lubricants segment, in the all-new Revia brand. Leveraging Brakes India’s strong distribution network and 60+ years of rich legacy, the company is diversifying into the engine oil space catering to both passenger cars and commercial vehicles segments with its newest brand.

S Sujit Nayak, Vice President and Head, Aftermarket Business, Brakes India said, “Established for over 6 decades, Brakes India is known in the automotive industry for safety components from TVS Girling, TVS Apache and TVS Sprinter. We are very excited to launch the engine oil in our new brand - Revia.”

Revia engine oil has a wide product portfolio with 9 grades of engine oil - 5 for Passenger cars and 4 for commercial vehicles. The company also offers the premium fully synthetic range for SUVs and MUVs. Revia 15W40 CK4 engine oil is compliant with latest BS6 norms and caters to all new generation engines.

Speaking of the product range, Sujit explained, “Revia engine oil is formulated to provide maximum engine protection and efficiency under extreme driving conditions. Advanced additives in Revia engine oil like HyperZDP technology for passenger cars and turbo boosters for commercial vehicles, boosts engine longevity and performance.”

Speaking about the scope for growth in this market, Sujit explained, “With growing demand for efficient lubricants, evolving BS standards and growing vehicle population, the engine oil segment is poised for growth.”

About Brakes India: 

Brakes India was founded in 1962 and is a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings, for passenger vehicles, light commercial vehicles, heavy commercial vehicles & tractors. Promoted by the TSF Group, whose heritage dates to 1936, the company has a strong in-house R&D capability that includes state-of-the-art test facilities and a high-speed test track built to international standards. Brakes India has world-class manufacturing operations with a reputation of providing high quality products and an expansive supply chain, serving marquee OEMs across the globe. The world-renowned iron foundry produces over 180,000 tons of safety critical castings from India and Oman. Its trusted brands TVS-Girling, TVS-Apache and TVS-Sprinter are leading names in the spare parts segment. With revenues in excess of INR 5,000 crore, the company wears numerous feathers in its hat such as National Awards for Energy conservation; Leadership and Excellence Award in Safety, Health & Environment, TPM Excellence Award and the prestigious Deming Application Prize to name a few. 

Cooperation Minister Advises NDDB To Make India “Dairy To The World” With Cooperatives At Centre

Amit Shah, Hon’ble Minister of Home Affairs & Cooperation, Government of India appreciated National Dairy Development Board (NDDB)’s initiatives in the Indian Dairy Sector and asked the Dairy Board to further strengthen cooperative dairying by playing a major role in establishing viable dairy cooperatives in uncovered Panchayats/ villages having potential for dairying.

The Hon’ble Minister also highlighted the need for multi-commodity cooperatives, common brand for export of produce of cooperatives, promotion of organic produce, better capacity utilisation of milk processing facilities by cooperation among cooperatives, self-reliance in manufacturing dairy machinery & also export of indigenous dairy equipment through IDMC Ltd, a subsidiary of NDDB. Hon’ble Union Minister also mentioned that the subsidiary companies of NDDB have to play a lead and stellar role in achieving these.

Shri Meenesh Shah, Chairman, NDDB welcomed the Hon’ble Union Minister in the presence of Cooperation Secretary Shri Gyanesh Kumar, Joint Secretary Shri Pankaj Kumar Bansal and NDDB Board of Directors Ms Varsha Joshi, Additional Secretary (Dairy Development), Department of Animal Husbandry & Dairying, GoI, Shri Shamalbhai Balabhai Patel, Chairman, Gujarat Cooperative Milk Marketing Federation Ltd., Shri Nihal Chand Sharma, Chairman, Himachal Pradesh Cooperative Milk Producers Federation Ltd and Dr NH Kelawala, Vice Chancellor, Kamdhenu University.

The Hon’ble Cooperation Minister also acknowledged NDDB’s initiatives to strengthen dairying in neighbouring countries and African nations, and said India needs to become “Dairy to the World” through export of quality milk and milk products to further enhance farmers’ income. This will help fulfill Hon’ble Prime Minister’s goal of Vasudhaiva Kutumbakam.

Chairman, NDDB briefed the Hon’ble Minister about India’s dairy sector, NDDB’s ‘Farmers First’ vision for undertaking all its initiatives following cooperative strategies, scientific dairy husbandry practices adopted by farmers, efforts of NDDB’s subsidiaries to strengthening dairy cooperatives thereby improving the livelihood of crores of farmers and thus furthering the objectives of NDDB. Chairman and Board of Directors of NDDB thanked the Hon’ble Minister for his guidance and assured him of full support towards the development of the dairy sector.

About National Dairy Development Board (NDDB)

National Dairy Development Board (NDDB) is a statutory body under the Ministry of Fisheries, Animal Husbandry & Dairying, Government of India. It was established in 1965 to promote, finance, and support the development of the dairy sector in the country with help of its subsidiaries – Mother Dairy Fruit and Vegetable Pvt Ltd, Indian Immunologicals Ltd, IDMC Ltd, NDDB Dairy Services, NDDB Mrida Ltd and NDDB CALF Ltd.