Mumbai, September 28, 2011
- SBI Life Insurance, the leading private life insurer, retains the unique distinction of being the only Life Insurer from India, topping the prestigious Million Dollar Round Table (MDRT) 2011 across the globe. For the third consecutive year, SBI Life has reached the pinnacle of the international coveted league by having 2,661 MDRT members in 2011. Amongst these, 200 have achieved Court of Table (COT) and 30 Top of Table (TOT) membership status. SBI Life has been consistently featuring amongst the top five insurers, worldwide, since last five years. Globally, the company ranked 5th in 2007, 3rd in 2008, 1st in 2009, 2010 and 2011.
Reputation, standard of sales excellence and high ethical standards are some of the key values that are associated with the MDRT brand. The MDRT membership is an exclusive honor that is achieved by less than 1 percent of the world's life insurance and financial services advisors. Life Insurance professionals aspire to attain the privilege of being an MDRT member.
Mr. M. N. Rao, MD & CEO,
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SBI Life, said, "Across the globe, both, Agent and Insurance Facilitator at bank, continue to be a reliable source of personal financial advise. Our accomplishment on a global platform testifies the professional approach followed by our distributors. We will continue to focus on equipping them with relevant support to enable advisory-based delivery of life insurance solutions to our customers."
Mr. Rajiv Gupta, Executive Director, Marketing,
SBI Life added "This accomplishment resonates our commitment towards creating quality advisors who can be looked upon as world-class benchmarks. Providing need based solutions, professional advice and unmatched service will remain the focal delivery points for our Advisors ".
An opportunity to represent one of the most trusted brands in the country, superior training program and attractive reward and recognition programmes are some of benefits availed by SBI Life Insurance Advisors.
Mr. Anand Pejawar, Executive Director, Marketing,
SBI Life added "In addition to highly productive Retail Agency Channel, our integrated bancassurance approach continues to create value for Bank customers and Facilitators of our products. The bank employee, involved in the sale of the insurance products, has rapidly evolved to deliver holistic banking and insurance solutions to their customers making the bank truly a super market for all financial requirements".
During the first financial quarter ending June 2011, SBI Life recorded a profit of Rs. 144 Crores, registering an impressive profit growth of 27% over the corresponding period last year. The total premium of the company grew by 13 % to Rs. 1935 Crores during the period. The new business premium collected, during the period, stood at Rs. 892 Crores. Further, the Assets under Management grew by 33%, over the corresponding period last year, to Rs. 40,070 Crore as on 30th June 2011. The company continues to have the lowest expense to GWP (Gross Written Premium) ratio in industry of 10.14%.
Uniquely, despite tough external conditions, SBI Life continues to expand its presence. During the current financial year, the company has introduced 81 branches and recruited 1657 employees.
SBI Life ranks number one amongst private players, as per the latest IRDA report, July 2011. The company has a market share of 21.6% among private life insurers and a total market share of 6%.
MDRT is an association of the world's best life insurance sales (advisors) professionals. Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skillful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.