IDBI Federal Life Insurance which offers life insurance plans, life insurance policy, NAV, insurance plans and premium announced that it has posted a 7.14 per cent decline in net profit at Rs 26 crore for the quarter ended June 30, 2015 as against a net profit at Rs 28 crore for the quarter ended June 30, 2014.

The private insurer witnessed a growth of 84 per cent in total premium at Rs 197 crore during the period under review as compared to Rs 107 crore in the corresponding period of FY15.

Total Premium (Individual) grew by 64 per cent to Rs 165 crore during the quarter as compared to Rs 101 crore in the same period of last year while new Business Premium (Individual) also surged 145 per cent to Rs 90 crore during the quarter as compared to Rs 37 crore in the corresponding quarter last year.

Commenting on the results, IDBI Federal's CEO and Whole Time Director Vighnesh Shahane said, "The growth of the company can be attributed to growing new business premium and expanded in-force book. Further, the measures to improve frontline sales productivity, quality of business and selling longer tenured products are showing positive impact."

He added, "Our clear growth strategy combined with a strong execution infrastructure has also helped us maintain best in class persistency, balanced opex ratio and improved renewal income.”