Latest News | Business Briefs 2 IIFL Wealth Net Profit Rises 59 Pc to Rs 155 Cr

Mumbai, Feb 3 (PTI) IIFL Wealth & Asset Management has reported a 59 per cent increase in net income to Rs 155 crore for the December quarter, driven by a 41 per cent jump in wealth management AUM at Rs 3,28,800 crore and AMC AUM at over Rs 55,700 crore.

IIFL Wealth's total revenue for the quarter stood at Rs 420 crore, up 50 per cent year-on-year, taking its annual recurring revenue to Rs 245 crore for the quarter, up 59 per cent, Karan Bhagat, MD & CEO of IIFL Wealth & Asset Management said.

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Net flows continue to grow steadily with Rs 63,000 crore in Q3, ahead of its own guidance for the year. Overall retentions continue to be steady, with retentions on recurring revenue assets at over 70 basis points (bps). Its alternate asset management business continues to grow rapidly. It added new institutional mandates and launching niche offerings, along with exceptional performance in existing strategies.

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* Exide Life launches guaranteed income plan

Mumbai: Exide Life Insurance has launched a new policy offering guaranteed income benefit which can be paid for 6, 8, 10 and 12 years but get income for 12, 16, 20 and 24 years, respectively, and get life cover the double duration.

Policyholders will also enjoy life insurance cover during full policy term while paying premiums for a limited term only.

The life smart income plan is a non-linked, participating individual life insurance-cum-savings plan that provides regular income during the income payout term and guaranteed life cover throughout the term of the policy it said, adding that it offers two survival benefit options — enhanced maturity and enhanced income. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)