SBI Life Insurance on Monday announced an 11 per cent increase in net profit for the financial year ended March 2015 at ₹820 crore (₹740 crore).
The individual new business premium during the period grew 17 per cent to ₹3,757 crore (₹3,217 crore).
“We attribute our growth to our strong multi-channel distribution system, innovative new products and good customer service,” Arijit Basu, Managing Director and CEO, SBI Life Insurance, said in a statement.
SBI Life’s gross total premium in 2014-15 was ₹12,867 crore, of which, the new business premium accounted for ₹5,529 crore and renewal premium, ₹7,338 crore.
Corresponding figures for last financial year were ₹10,739 crore, ₹5,066 crore and ₹5,673 crore, respectively.
The regular new business premium increased by 11 per cent to ₹3,331 crore compared with ₹2,998 crore in 2013–14.
The life insurer — a 74:26 joint venture between SBI and BNP Paribas Cardiff — had covered 133 lakh individuals as on March 31, 2015, an increase of 4.93 per cent over the previous year.