SBI Life Insurance posts Rs 116 crore in H1
GK NEWS NETWORK
Jammu, Nov 2: SBI Life Insurance, a leading private life insurer, reported an impressive all-round performance for the first half of the FY 09-10, it said in a statement.
Growing by 17%, in terms of total premium, to Rs 3,407 crores, the company posted a robust Net Profit of Rs 116 crore for the period.
The Assets Under Management grew by 68% to Rs 21,922 crores. SBI Life ranks 1st amongst private life insurance companies in terms of new business premium collection
Commenting on the results M.N Rao, Managing Director & CEO, SBI Life Insurance said, "Our continued focus on holistic growth has resulted in good performance in the first half of this year. Leveraging SBI’s strong brand equity and cost efficient business model, we will drive growth and profitability”
During the period the company strengthened its product suite by launching two innovative and need based products, SBI Life-MahaAnand an affordable and non medical Unit Linked Plan to cater to the needs of the middle and low-income segments and SBI Life-Shubh Nivesh a traditional savings plan with an option of whole life cover to meet the savings, protection and income needs of customers having risk-averse profile. Earlier this financial year, the company launched online renewal premium payment facility further expanding the existing convenient options available to its customers.
SBI Life’s unit-linked product inflows, contributed to almost 65 % to its total premium income ensuring a balanced mix of market-linked and traditional products.
The company achieved the unique distinction of globally topping the prestigious MDRT 2009 for having maximum number of MDRT members across the globe. Managing a portfolio of over 14 million lives, the company maintains lead position amongst private players in terms of number of lives covered. SBI Life has a total market share of 6.12 % and a market share of 18.07 % amongst private players as per the latest IRDA reports.
Lastupdate on : Mon, 2 Nov 2009 21:30:00 Makkah time
Lastupdate on : Mon, 2 Nov 2009 18:30:00 GMT
Lastupdate on : Tue, 3 Nov 2009 00:00:00 IST
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