SBI Life Insurance today announced a 43 per cent increase in net profit of Rs 156 crore for the December quarter of FY 2014.
New business premium of the company grew by 25 per cent to Rs 1,633 crore 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 per cent at Rs 1,958 crore from Rs 1,472 crore over the corresponding quarter last year.
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.”
For the nine months ended December 31, 2014, new business premium rose 11 per cent to Rs 3,362 crore, renewal premium was up 33 per cent to Rs 4,402 crore and net profit rose 14 per cent to Rs 615 crore.
Assets under management grew 23 per cent to Rs 67,323 crore as on December 31, 2014. The company’s net worth stood at Rs 3,980 crore, a growth of 32.5 per cent over last year.
The 13th month rolling persistency of the company was at 74.8 per cent.