SBI Life records 241% growth in Q1

SBI Life Insurance Company Limited, one of the fastest growing private sector life insurers reported an impressive all-round performance for the first quarter of the FY 08-09, ending on June, 08. The New Business Annualised Premium Equivalent (APE), a standard measure in the Industry that takes Single Premium Income at 10%, has grown by 241% to Rs. 972 Crores. The Total Premium of the company grew by 169% to Rs 1,387 Crores.

With a solvency ratio of over 2.0 and share capital of Rs.1000 crore, SBI Life is one of the most capital efficient life insurance companies in the industry. SBI Life also has the lowest total expense to premium ratio at 12.45%. Company continues to maintain the lead position among its peers by having covered over 7.6 million lives.

Commenting on company’s performance Mr. U. S. Roy, MD & CEO, SBI Life Insurance said, “We have outpaced the industry growth, while continuing to be the most capital-efficient, because of our unique multi-distribution model and State Bank’s brand strength coupled with its wide reach. We remain committed to provide the benefits of life insurance to the socio-economic segments of our population that need it most”.

SBI Life’s unit-linked product inflows, contributed almost 54% to its total premium income, ensuring a balanced mix of market-linked and traditional products.

The Assets under Management have more than doubled to Rs. 11,727 Crores.

SBI Life now ranks 2^nd amongst private life insurance companies in terms of premium collection and has a market share of 13.84% amongst private peers as per the latest IRDA reports.

SBI Life Insurance Co. Ltd:

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%.

SBI Life Insurance has an authorized capital of Rs. 2,000 crore and a paid up capital of Rs 1,000 crores. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, State Bank Group has the unrivalled strength of over 14,500 branches across the country, arguably the largest in the world. BNP Paribas is the 1^st largest French company and ranks 5^th in the banking industry worldwide, 1^st bank in Euro Zone as per Global 2000 Forbes’ 2008. It is 6^th most valuable international banking brand as per Brand Finance 2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s leading Bank. BNP Paribas, part of the world's top 10 group of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the forth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 42 countries mainly through the bancassurance and partnership model.

SBI Life Insurance’s mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency.

SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Agency and Group Corporate channels of distribution.

SBI Life extensively leverages the SBI Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI’s access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion.

Agency Channel, comprising of the most productive force of over 40,000 Insurance Advisors, offers door to door insurance solutions to customers. 

Sourced From: Sampark Public Relations Pvt Ltd