SBI Life Insurance posts record profit of Rs 37.74cr

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SBI Life Insurance Company Limited, the first private sector life insurance company in India to make profit, today announced an impressive 101% growth in total premium collections to Rs 2748.28 crore during the first nine months of FY 2007-2008 and posted a Net profit of Rs 37.74 crore for the quarter ended December, 07.

 

Mr. U. S. Roy, MD & CEO, SBI Life Insurance said, "Our business performance for the first nine months has been very encouraging, despite the slowing down of the growth in the industry over last year. Our capital-efficient business model has helped us to wipe out accumulated losses from our balance sheet".

 

Both the primary channels, Agency and Bancassurance, have demonstrated high growth levels. While Agency contributed to 49% of SBI Life's total premium collection as a result of its highly productive Insurance Advisors, Bancassurance contributed to 44% through continued leveraging of the robust State Bank Group branch network.

 

The company's Assets under Management have crossed Rs 7300 Crores, as on December 2007.

 

SBI Life products are available across 14,500 plus State Bank Group branches, which are supplemented by over 187 full-service branches of SBI Life. Additionally, the products are available through more than 33,000 Insurance Advisors.

 

SBI Life ranks 3^rd amongst private life insurance companies in terms of premium collection and has a market share of 12.08% amongst private peers as of Nov, 07 as per the latest IRDA reports. 

 

Key Milestones in FY 07 - 08:

·         SBI Life has been rated as the 'The Most Trusted Private Life Insurer' according to a survey conducted by Brand Equity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau.

·         SBI Life is first life insurer in India to receive the highest financial rating 'AAA' from CRISIL, the country's best known rating agency in 2007.

·         SBI Life ranks amongst global top five life insurance companies in the number of MDRT members.

·         SBI Life has forayed into micro insurance with the launch of 'Grameen Shakti' in Bhubaneshwar, Orissa for the economically underprivileged sections of society.

·         SBI Life received ISO 9001: 2000 certification for superior claim settlement process.

  

Sourced From: Sampark Public Relations Pvt Ltd