SBI Life posts 30% growth in new business premium in H1

SBI Life Insurance garnered Rs 3,173 crore in new business premium in the first half of the current fiscal year, clocking growth of 30 per cent over the corresponding period of last year and is now focusing on rural areas, a top executive said today.

During the last financial year, the private insurer earned Rs 4,830 crore business premium and posted Rs 217-crore profit, SBI Life Director (South Zone) N K V Roop Kumar told reporters here.

He said SBI Life is ranked No. 1 among the private sector insurance firms with a market share of 19.03 per cent. In 2009-10, the company's assets under management grew a robust 96 per cent to Rs 28,551 crore.

The joint venture between State Bank of India and BNP Paribas Assurance has so far covered 6.49 million lives with a gross premium of Rs 10,000 crore, Kumar said.

SBI Life is penetrating into rural areas where there is a good growth potential for the life insurance business. SBI is a well-known brand and inspires confidence among people, he said.

Meanwhile, the company today launched three new products. They are Smart Scholar (a child Ulip), Saral Life (a traditional endowment Policy) and Smart Elite (a Ulip).