The Hindu Business Line : SBI Life net profit up at Rs 34 cr

SBI Life Insurance has reported a net profit of Rs 34 crore in 2007-08, against Rs 3.8 crore in the previous year. Mr U.S. Roy, MD and CEO, SBI Life Insurance, said the higher net profit could be attributed to the increasing contribution of bancassurance, which has been a very cost-effective distribution channel for the company. Bancassurance contributed 38 per cent of the company’s business, against the previous year’s 32 per cent.

SBI Life sells its insurance products across the 15,000 strong branches network of State Bank of India. The rest of the business came from the agency force. The company raked in new business (as per the annualised premium equivalent method which gives single premium only 10 per cent credit) of Rs 3,481 crore, a growth of 93 per cent over the previous year. Unit-linked insurance plans contributed around 70 per cent of the total premium income. . If the stock market is not volatile, SBI Life may get listed in the second half of 2009-10, Mr Roy said.

— Our Bureau

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