SBI Life Insurance net profit up 14%

Renewal premium collections were up 32% at Rs 937 crore

Private life insurer SBI Life Insurance posted a year-on-year rise of 14 per cent in net profit for the first quarter of FY15.  The insurer posted a net profit of Rs 241 crore, against Rs 212 crore during the corresponding quarter of last year.

Total premium grew 17 per cent to Rs 1,676 crore during the period. The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over the corresponding quarter of last year.

Atanu Sen, managing director & CEO, said, “We are pleased to announce significant growth for this quarter and look forward to achieving 35 per cent growth in gross written premium this financial year. We continue to be steadfast in our vision to be the most trusted life insurance provider in the Indian market. The recent announcement to increase cap in FDI investments to 49 per cent will give the Insurance industry a much needed boost and will spur a new cycle of growth.”

Assets under management of the company grew 17 per cent to Rs 61,871 crore as on June 30, 2014, against Rs 52,745 crore as on June 30, 2013.