SBI Life Q4 net profit rises 19% to Rs. 740 crore

SBI Life’s regular new business premium increased by 14.5%, to Rs. 2,998 crore during the financial year 2013-14

April 23, 2014 5:30 IST | India Infoline News Service
Continuing its track record of sustainable growth, SBI Life Insurance has posted a record profit of Rs. 740 crore, during the financial year ending March 31, 2014, an increase of 19% over the last financial year. Operational efficiency has been the key driver of SBI Life’s profitability. The Company is the market leader amongst the private life insurers, in New Business Premium (NBP), for the financial year 2013-14.

Mr. Atanu Sen, Managing Director and CEO, SBI Life Insurance, said, “Our continued business success is a testimony to our being a customer centric organization. Despite tough economic environment, we were able to maintain a very healthy growth on various business parameters. We have recently introduced more customer friendly products and remain committed to bring new socio-economic and geographical segments within the insurance umbrella towards fulfilling overall goal of financial inclusion.”

SBI Life’s regular new business premium increased by 14.5%, to Rs. 2,998 crore during the financial year 2013 - 14, from Rs. 2,618 crore in FY 2012-13. In line with its focus on improving strategic business mix, the Company’s market share through individual business has increased to 16.8%, for the financial year 2013 – 14, from 13.8% during the last financial year. The individual new business premium APE grew by 17.7% to Rs. 2,809 crore during financial year 2013-14, from Rs. 2,387 crore during FY 2012 - 13. The AUM has grown by 12.7%, to Rs. 58,480 crore as on March 31, 2014 from Rs. 51,912 crore as on March 31, 2013.

SBI Life has a low Expense Ratio of 11.4%. The Company has garnered a new business market share of 17.2% amongst private players for the financial year 2013-14.

Leveraging wider reach achieved through its 762 branches network, SBI Life has systematically brought large rural areas under insurance umbrella. The Company has sold 23.4% of total policies in this segment during the financial year 2013-14. Additionally, 79,463 lives out of total of 966,866 group lives covered by the Company are from the underprivileged social sector. The Company has been substantially exceeding the minimum social and rural regulatory norms.

During the last financial year, SBI Life launched a new Corporate Campaign to highlight the need for a healthy dialogue within family on its preparedness to meet any eventuality, as it is the family that suffers the most in case of any unfortunate development. Latest Insurance Awareness campaign is in continuation of Customer Education campaign of the Company launched earlier.

In line with IRDA guidelines, SBI Life introduced new products during the last financial year to cater to diverse financial (Protection, Savings, Wealth Creation, Retirement Child etc.) needs of a family. These include: Pure Protection Plans – Smart Shield and Saral Shield; Online Product – eShield; Guaranteed Income Plans – Smart Wealth Builder and Flexi Smart Plus; Money Back Plan - Smart Money Back Gold; Retirement Plans – Retire Smart and Saral Pension; and Child Plan – Smart Scholar.

SBI Life has won the prestigious 'Global Performance Excellence Award 2013'. Asia Pacific Quality Organisation (APQO) recognised SBI Life as an exemplary company of world class quality. Further, SBI Life was rated as the “Most Trusted Private Life Insurer, 2013” by ET – Brand Equity Nielsen Survey for third year in a row besides being adjudged the ‘Life Insurance Provider 2013’ Runner Up by Outlook Money. SBI Life won the 'Under-served Market Penetration Award 2013 (Private Sector)' and 'Claims Service Company of the Year Award 2013 (Private Sector)' by the Indian Insurance Awards 2013 and was also adjudged as the 'Most Admired Life Insurance Company in the Private Sector' and won the 'Best Life Insurance Company in the Private Sector' at the prestigious ‘BFSI Awards 2014’. These awards are a testimony to SBI Life’s quality and commitment towards customer centricity and professional excellence.

Among many CSR initiatives undertaken during the financial year, the Company extended educational support towards under privileged children across the country, partnering with its CSR partner, Smile Foundation. SBI Life’s corporate ethos is about giving back to the society with the objective of making a difference in the lives of the needy.

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