Wednesday, September 14, 2016

SBI Life’s Q1 Net Profit grew 6% to Rs. 215 cr. as against Rs. 202 cr. in Q1 of FY 15-16

SBI Life Insurance Company, a joint venture between the State Bank of India and French insurer BNP Paribas Cardif, is all set to become the number one life insurance company in the private sector.

SBI Life’s New Business Premium grew by 78% at Rs 1866 crores in Q1 FY 16-17

The Company witnessed a strong growth of 78% in its Total New Business Premium at Rs. 1,866 crores in the first quarter of FY 16-17, as against 33 % growth in the industry.

The Company recorded a growth of 69% in its Individual New Business Premium (APE), while the industry reported a growth of 16%. The Total Market Share of SBI Life has increased to 21.2% from 14.6% of last year. The Individual APE Market Share increased to 18% from 12.9% last year. The Company reported a Net Profit after Tax of Rs. 215 crores for the first quarter of FY 16-17, an increase of 6% over the last year in the same period.

Commenting on the results, Arijit Basu, MD & CEO, SBI Life Insurance, said, "All distribution channels have been performing in an exemplary manner. The momentum from last year’s success continues to be high in the current financial year as well. The Company registered a strong growth of 78% in its New Business Premium in the Q1 of FY 16-17, which helped us increase our Market Share within the private players to 21.2% vis-à-vis 14.6% last year. Also this year, for the first time, the company is publishing its Market Consistent Embedded Value (MCEV) which stands at 12,999 Crores.

Mr. Basu also expressed satisfaction that in the first quarter of FY 16-17, the Assets under Management for the Company rose by 15% at Rs. 85,922 Crores as against the same period in the last year. The Company showed a robust 13th month Persistency of 78.4%, up from 77.02%. SBI Life also won ‘Life Insurance Company of the Year’ award, at The Indian Insurance awards 2016, Fintelekt, validating its strong and robust growt