SBI Life posts net profit at Rs 276 cr in FY10

State Bank of India (SBI) Life Insurance today said it has clocked a net profit at Rs 276 crore in financial year 2010.

Growing by over 40 per cent, the company has set a new milestone by crossing the landmark figure of Rs 10,000 crore in Gross Written Premium (GWP) during FY10, the company said in a statement here.

The company's Asset Under Management (AUM) jumped by 96 per cent to Rs 28,551 crore and New Business Annualised Premium Equivalent (APE) by 37 per cent to Rs 6,358 crore.

With a solvency ratio of 2.2 and share capital of Rs 1,000 crore, SBI Life is one of the most capital-efficient life insurance companies in the industry, the statement said.

The company continues to maintain the lowest expense to GWP ratio in industry of 6.5 per cent, it said.

Bancassurance witnessed a remarkable growth of 59 per cent and contributed to over 33 per cent of the total premium and Group Corporate contributed to 22 per cent of total premium.

Maintaining a balanced mix of market-linked and traditional products, unit-linked product inflows contributed to almost 65 per cent of total premium collections.