New Delhi: SBI Life Insurance, a subsidiary of SBI, Monday posted about 11 percent increase in its net profit at Rs 820 crore on account of new business growth for the fiscal ended March 2015.
The life insurer had earned a net profit of Rs 740 crore in the previous fiscal.
The individual new business premium increased to Rs 3,757 crore as against Rs 3,217 crore in the previous fiscal, recording a growth of 17 percent, SBI Life Insurance said in a statement.
The regular new business premium increased by 11 percent to Rs 3,331 crore as compared to Rs 2,998 crore in 2013?14, it said.
The gross total premium earned during the fiscal was Rs 12,867 crore, of which the new business premium accounted for Rs 5,529 crore and renewal premium accounted for Rs 7,338 crore.
During the previous fiscal, the company earned a total business of Rs 10,739 crore, Rs 5,066 crore and Rs 5,673 crore, respectively.
Total assets under management grew by 22 percent to Rs 71,339 crore as on March 31, from Rs 58,480 crore at the end of March 2014.
Commenting on the annual numbers, SBI Life Managing Director and CEO Arijit Basu said, "We attribute our growth to our strong multi-channel distribution system, innovative new products and good customer service. We continue to grow consistently and will be entering our 15th year in the insurance business."
The company will focus on enhancing distribution efficiency, lowering operational cost, introducing innovative products and continue to be customer centric, he added.
