SBI Life posts Net Profit of Rs 114 Crs in Q1

* Expands by adding 118 new branches

* Asset Under Management increases by 65%

* Total Premium Collection grows by 9.5%

August 03, 2010: SBI Life Insurance , a leading private life insurer, announced a profit of Rs.114 Crores, for the quarter ended June 2010, registering an impressive profit growth of 195% over the corresponding period last year. The total premium of the company grew by 9.5% to Rs. 1,707 Crores during the period. The new business premium collected, during the first quarter, stands at Crores. Rapidly expanding its presence, the company has introduced 118 branches, recruited 830 employees and added over 5,000 Insurance Advisors.

Commenting on the results, Mr.M.N Rao, MD & CEO of SBI Life Insurance said “We will focus on building capacity through branch expansion, manpower recruitment and inducting Insurance Advisors so that we are able to serve customers across geographies. Holistically enhancing our performance that balances profitability and growth will remain a key business driver. Our unique multi-distribution model coupled with SBI’s strong brand equity has been an enabler of sustained all round business performance.”

SBI Life’s Assets under Management grew by 65%, over the corresponding period last year, to Rs 30,082 Crore as on 30th June 2010 stands. The company continues to have the lowest expense to GWP (Gross Written Premium) ratio in industry of 9.18%.

As per the latest IRDA report, June 2010, the company has a market share of 14.4% among private life insurers and a total market share of 3.83%.

Retaining the ISO 9001:2000 Certification for superior claim process and reaffirmation of ICRA’s iAAA rating are some of the key distinctions achieved by the company during the last financial year.

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 68,000 Insurance Advisors, offers door to door insurance solutions to customers

News Sources -VISHAL MEDIA (P.R.Agency), Mobile 098266-23100, Email- pr@vishalmedia.com

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