SBI Life Insurance has posted a net profit of Rs.276 crore for the fiscal ended 31st March 2010 as against a loss of Rs26.3 crore last year. They have gross premium of over Rs.10,000 crore, recording a growth of 40%. Out of the company’s total premium nearly 65% was contributed by the Unit-linked products. New business annualized premium equivalent (APE) rose 37% to Rs 6,358 crore. It even reported a 31% rise in new business premium of Rs 7,040 crore.
SBI Life Insurance has a market share of 18.34% in the private life space, has grown its assets by 96% to Rs.28,551 crore during the year.
M N Rao, MD and CEO, SBI Life Insurance, said, “Our focus continues to be on achieving both growth and profitability objectives by catering to the life insurance needs of Indian population encompassing all socio-economical and geographical segments.”
While the agency channel contributed to 45% of the total premium, the bancassurance channel witnessed a growth of 59% and contributed to over 33% of the total premium. Group corporate contributed to 22% of the total premium.
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Tags: Life Insurance, SBI Life Insurance