SBI Life December Quarter Net Profit up by 26% at Rs 197 crores

Chandigarh, January 25, 2016: SBI Life Insurance Co Ltd, today declared its audited financial results for the quarter ended 31st December 2015, showing strong all round growth. Individual New Business Premium grew by 32 % over the same period last year to Rs 1,556 crores during the quarter. Renewal premium recorded a 20% growth to Rs2,359crores.Net Profit after tax rose by 26% to Rs 197 crores during the quarter. The Assets under Management increased by 15% to Rs 77,174crores.

 

Arijit Basu, MD & CEO, SBI Life said that, “All distribution channels had been performing in an exemplary manner during the current financial year. A wide range of products and focus on better customer delivery had enabled the company to record such an impressive performance.”

 

Mr. Basualso expressedsatisfaction that in the first three quarters, the company’s Individual New Business Premium (APE) rose by 43% as against 11% for the industry. This had enabled the company to gain 3.9% in Individual New Business(APE)market share during the year. The efficiency parameters of the company were also healthy with Solvency at 2.16, 13th month persistency at 76% and a Conservation Ratio of 83%.