SBI Life Insurance today announced a net profit after tax of Rs 156 crore for the quarter, an increase of 43 per cent. The new business premium of the company grew by 25% to Rs 1,633 crores during this period as against Rs 1,303 crore in the same period last year.
The collection of renewal premiums recorded a growth of 33% at Rs. 1,958 crore from Rs. 1,472 crore over the corresponding quarter last year. Operating expenses to GWP ratio was down by 15% during the quarter. The company reported strong all-round growth during the quarter.
For nine months ending December 31st, 2014, new business premiums rose by 11% to Rs. 3,362 crore, renewal premium was up by 33% to Rs. 4,402 crore and net profit after tax rose by 14% to Rs. 615 crore. Assets under management grew by 23% to Rs 67,323 crore as on December 31st, 2014. SBI Life Insurance had a strong solvency ratio of 2.27 as against the regulatory mandate of 1.5. The company’s net worth stood at Rs. 3,980 crores, a growth of 32.5% over last year.
Commenting on the results, Arijit Basu, Managing Director and CEO of SBI Life Insurance, said, “Our multi-channel distribution network continues to work well with Bancassurance sales picking up steadily. We have taken up various measures to further improve our client servicing and quality of sales, including a pre-issuance welcome call that has been well received. We look forward to ending the last quarter of the year on a strong note.”