SBI Life posts Net Profit of Rs. 217 Cr in H1

Records impressive all - round performance:

* Grows total premium by 42 % .

* Moves up to no.1 ranking, in NBP, amongst private life insurers.

* Adds 129 new branches and recruits 2120 employees

26th October 2010: SBI Life Insurance, the leading new generation life insurer, posted an impressive Net Profit of Rs. 217 Crores during the first half of the financial year 2010 - 11, registering a growth of 87% over the corresponding period last year. The total premium increased by 42% to Rs. 4830 crores during the period. The new business premium surged to Rs. 3173 Crores, recording a growth of 30% over the corresponding period last year.

Commenting on the results, Mr. M.N Rao, MD & CEO, SBI Life Insurance said, "Despite the challenging environment prevailing during the period, our enhanced holistic performance testifies customers’ immense trust in the brand. Customer – centricity, through constantly enhancing customer value drivers, remains the core of our corporate philosophy.”

SBI Life’s Assets under Management grew by 57%, over the corresponding period last year, to Rs 34,406 Crore as on 30th September 2010. The company continues to have the lowest expense to GWP (Gross Written Premium) ratio in industry of 7.76%.

The company strengthened its suite of pure protection products by launching Saral Shield, with relaxed medical conditions and Smart Shield designed for HNI customers. In compliance with the new IRDA guidelines, the company was amongst the firsts to introduce three customer friendly ULIP products, SBI Life-Smart Performer – a unique daily NAV Guarantee, SBI Life Unit Plus Super – a highly flexible ULIP and Saral Maha Anand- a low premium, no medicals ULIP. Rapidly expanding, SBI Life added 129 new branches and recruited 2120 employees during the first half of the financial year.

SBI Life has moved up to 1st rank in YTD FY 11, in new business premium, in the private sector life insurance segment, as per the latest IRDA report September 2010. The company has a market share of 19.03% among private life insurers and a total market share of 5.09%.

Key accomplishments during H1: FY10-11

• Globally topped the prestigious MDRT 2010 for having maximum number of MDRT members.

• Awarded NDTV Profit ‘Business Leader’ for all round corporate excellence.

About 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 6 Associate Banks, State Bank Group has the unrivalled strength of over 16,000 branches across the country, arguably the largest in the world. BNP Paribas is the 1st largest French company and ranks 5th in the banking industry worldwide. It is 6th 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 worlds top 10 groups 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 fourth 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 41 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, Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.

SBI Life extensively leverages the State Bank 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 69,000 Insurance Advisors, offers door to door insurance solutions to customers.

Above Business Release Sourced by Citiesbazar through
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