The Hindu Business Line : SBI Life premium income grows 166 pc

SBI Life Insurance has shown a growth of 166 per cent in premium income at Rs 601 crore for financial year 2004-05 against Rs 225 crore in the earlier year.

Bancassurance contributed 67 per cent of this income. "The premium income from the bancassurance channel has grown about three times compared to the previous year and we intend to grow at the same pace in the current year too," a press release said quoting Mr S. Krishnamurthy, MD & CEO.,

Credit Life Insurance accounted for about 75 per cent of the company's group premium income. New business accounted for Rs 482 crore, up by 138 per cent from the earlier year's Rs 202 crore. The company's total new business sum assured for FY 04-05 is Rs 17,285.1 crore. It now manages a portfolio of 29-lakh lives.

On the growth plans for FY 2005-06 Mr Krishnamurthy said, "The recent capital infusion by our shareholders will be utilised for further expansion of our business. We are also in the process of upgrading our IT within our branches".

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