Financial Daily from THE HINDU group of publications
Saturday, Oct 30, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 30, 2004 |
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Money & Banking
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Life Insurance SBI Life H1 premium income up 5-fold Our Bureau
Mumbai , Oct. 29 SBI Life Insurance Company Ltd has said that its premium income rose more than five times to Rs 202 crore in the first half of fiscal, as compared to about Rs 40 crore in the corresponding period of the previous year. "In the first half of the current year, we have covered more than five lakh lives and are confident that we will be one of the first companies to break even amongst the new players," a company release quoted Mr S. Krishnamurthy, Managing Director and Chief Executive Officer, SBI Life, as saying. Bancassurance recorded a premium income of Rs 163 crore or about 80 per cent of the total premium income. SBI Life, a joint venture between State Bank of India and Cardif SA of France, has entered into agreements with 41 banks (including regional rural banks) to sell life insurance, it added.
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