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SBI Life Insurance today reported a 5 per cent increase in net profit at Rs 861 crore in FY'16 compared to last year’s net profit of Rs 820 crore.
The insurer's new business premium has increased by 29 per cent to Rs 7,107 crore against Rs 5,529 crore in FY 2014-15. Individual new business premium saw a 33 per cent growth from Rs 3,757 crore in FY 2014-15 to Rs 4,978 crore in FY'16.
Arijit Basu, Managing Director and CEO, SBI Life, said, "Our focus will be on further enhancing our distribution efficiency, lowering operational cost, introducing innovative products and continue to be customer centric.''
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