SBI Life records 93% gwth in FY07-08

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SBI Life Insurance Company Limited, one of the most capital efficient insurers, today announced a Net Profit of Rs 34 crore for the financial year ended March 31, 2008 in its third consecutive year of profitable operations. Earlier this year, the company had wiped out the accumulated losses from its balance sheet.

 

The New Business Annualised Premium Equivalent (APE), a standard measure in the Industry that takes Single Premium Income at 10%, has grown by 93% to Rs.3,481 Crores. The Total Premium of the company grew by 92% to Rs 5,622 Crores. The company continues to maintain the lead position among its peers by having covered over seven million lives.

 

Commenting on the company's performance, Mr. U S Roy, MD & CEO, SBI Life Insurance said "As a result of SBI's brand strength, our capital efficient multi-distribution model and customer-centric approach, we will continue to balance high growth in all channels with profitability. We are committed to bringing life insurance solutions closer to   socio-economic segments that would benefit most from it. "

 

In the context of the overall product portfolio, this year too SBI Life's performance was remarkable in unit-linked product inflows, which contributed almost 70% to its total premium income, thus ensuring a balanced mix of market-linked and traditional products.

 

The Assets under Management have more than doubled to Rs. 10,493 Crores.

 

Earlier in the year, SBI Life launched micro-Insurance product - 'Grameen Shakti' in Bhubaneshwar, Orissa. The company also introduced several individual and group products during the year namely, Unit Plus Child Plan, Unit Plus Elite, Dhanraksha Plus, CapAssure Gratuity Scheme, CapAssure Leave Encashment Scheme, CapAssure Superannuation Scheme and Sampoorn Suraksha.

 

SBI Life products are available at State Bank 's 14,500-branch network which is supplemented by 187 full service branches of SBI Life. Additionally, the products are distributed through more than 40,000 Insurance Advisors.

 

SBI Life ranks 3^rd in terms of first year premium collection and enjoys market share of 13.52% among private sector life insurance companies as per IRDA data for the period April 07 - February, 2008 

 

SBI Life's Key Milestones in FY 07 - 08:

• 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.
• Became first life insurer in India to receive the highest financial rating 'AAA' from CRISIL, the country's best known rating agency in 2007.
• Ranked amongst global top five life insurance companies in the number of MDRT members.
• Forayed into micro insurance with the launch of 'Grameen Shakti' in Bhubaneshwar, Orissa for the economically underprivileged sections of society.
• Received ISO 9001: 2000 certification for superior claim settlement process.
• Became the only domestic life insurer to achieve CMMI Level 3 certification for IT processes and software development capabilities. 

Sourced From: Sampark Public Relations Pvt Ltd