Money & Banking

SBI Life Insurance records 35% growth in new biz premium

Jayanta Mallick Kolkata | Updated on January 19, 2018 Published on February 03, 2016

Arijit Basu

SBI Life Insurance Co Ltd has witnessed 35 per cent growth in new business premium and 20 per cent growth in premium renewals.

Arijit Basu, MD &CEO of SBI Life Insurance, told reporters here on Wednesday that until January 31 this year, the new business premium income of the private insurance company at Rs 5,270 crore grew 35 per cent over that recorded in the corresponding period last fiscal. Income from renewal of premiums was up 20 per cent at Rs 5,537 crore.

Basu said the insurance company was on its way to reach the 2015-16 profit (profit after tax) projection of Rs 810 crore.

In the first three quarters (April to December), SBI Life Insurance had recorded PAT of Rs 605 crore. Of the total new business premium, 60 per cent came from the bank assurance channel.

"This was up from 51 per cent last year," he added.

This fiscal SBI Life Insurance is adding 7,000 more agents to make the total at 92,000.

Basu said the company's assets under management through unit-linked insurance policies grew to Rs 36,000 crore from 34,000 crore last year.

"In ULIP schemes, the investor this financial year have expressed their preference more for debt instruments than equities. As a result, AUM for equities declined from Rs 18,000 crore to 16,000 crore, while AUM for debt grew to 20,000 crore," SBI Life MD said.

Basu was here to inaugurate the regional office of the company at a new location in the city.

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Published on February 03, 2016
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