SBI Life Insurance posts net profit of Rs. 156 crores in Q3 FY14-15
(3 years ago)
Mumbai, Feb 3 : SBI Life Insurance on Tuesday announced a net profit after tax of Rs. 156 crores for the quarter, an increase of 43pc .
The new business premium of the company grew by 25pc to Rs. 1,633 crores during this period as against Rs 1,303 crores in the same period last year.
The collection of renewal premiums recorded a growth of 33pc at Rs. 1,958 crores from Rs. 1,472 crores over the corresponding quarter last year.
Operating expenses to GWP ratio was down by 15pc during the quarter.
The company reported strong all-round growth during the quarter.
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."