Mumbai, July 25, 2011: SBI Life Insurance, a leading private life insurer, announced a net profit of Rs. 144 crores for the quarter ended June 2011 as against Rs. 114 crores during the corresponding quarter last year representing an increase of 27% on y-o-y. The total premium of the company grew by 13% to Rs. 1,935 crores during the period. The collection of renewal premium recorded a growth of 42% at Rs. 1,042 crores over corresponding quarter last year. There is a significant improvement in conservation ratio to 87%.The controlled expense management has resulted in a reduction in total expense ratio by 12.5%.
Commenting on the results, Mr M. N. Rao, Managing Director & CEO of SBI Life Insurance said "We are determined to simulate further our quality of products and services offering sustainable wealth creation opportunities to our customers. Concurrent to this our vision remains embedded in our deep commitment towards enduring growth and profitability."
Assets held under management grew by 33% at Rs. 40,070 crores for the quarter ending June 2011 against Rs. 30,082 crores corresponding quarter last year.
As per the latest IRDA report on new business, May 2011, the company has generated the highest new business premium among the private life insurers with an overall improvement of 20% market share.
SBI Life achieved the global prestigious Million Dollar Round Table (MDRT) 2010 for having the maximum number of MDRT members, Launch of innovative customer care initiative – SMS ’SOLVE’ for prompt Grievance Redressal, 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.