SBI Life Q3 net profit up by 43%

New business premium up 25% to Rs 1,633 crore

Private life insurer SBI Life Insurance posted net profit after tax of Rs 156 crore for the quarter ended December, an increase of 43 per cent over the year-ago period.

New business premium grew 25 per cent to Rs 1,633 crore during this period against Rs 1,303 crore in the corresponding period last year. The collection of renewal premiums recorded 33 per cent growth at Rs 1,958 crore from Rs 1,472 crore over the corresponding quarter last year.

Arijit Basu, managing director and chief executive officer 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 nine months ended December 31, 2014, new business premiums rose 11 per cent to Rs 3,362 crore, renewal premium was up 33 per cent at Rs 4,402 crore and net profit after tax 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.