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SBI Life Insurance posted a net profit of Rs. 740 crore in the financial year ended March 31, 2014, an increase of 19 per cent over the last fiscal.
The Company is the market leader amongst the private life insurers, in New Business Premium (NBP), for the financial year 2013-14.
“Despite tough economic environment, we were able to maintain a very healthy growth on various business parameters. We have recently introduced more customer friendly products and remain committed to bring new socio-economic and geographical segments within the insurance umbrella towards fulfilling overall goal of financial inclusion,” said Atanu Sen, Managing Director and CEO, SBI Life Insurance
The life insurers regular new business premium increased by 14.5 per cent, to Rs. 2,998 crore during the financial year 2013 - 14, from Rs. 2,618 crore in FY 2012 - 13. In line with its focus on improving strategic business mix, the company’s market share through individual business has increased to 16.8 per cent, for the financial year 2013 – 14, from 13.8 per cent during the last financial year. The assets under management has grown by 12.7 per cent, to Rs. 58,480 crore as on March 31, 2014 from Rs. 51,912 crore as on March 31, 2013.
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