SBI Life insurance H1 net at Rs 14 cr

SBI Life Insurance Company has registered a net profit of Rs 14.09 crore for the first half of financial year 2007-08 (H1FY08).

The company has infused additional capital of Rs 100 crore, thereby taking the paid-up capital to Rs 600 crore.

The authorised capital of the company is Rs 1,000 crore. The total premium for H1FY07 has grown 80 per cent to Rs 1,380.77 crore as compared with Rs 769.54 crore in the corresponding quarter last year.

The premium during H1FY07 stood at Rs 1,160.53 crore as compared with Rs 663.77 crore, a growth of 75 per cent. Unit linked insurance plans (ULIP) contributed approximately 82 per cent to the premium this year so far.

Around 66 per cent of the business came from regular premium products while 34 per cent came from single premium policies.

Bancassurance witnessed a growth of 187 per cent and contributed over 33 per cent to the total premium of the company, group corporates contributed over 5 per cent to the total premium. The agency channel provided a significant thrust to the overall business by growing at 107 per cent as a result of increased geographical presence.

The company's assets under management (AUM) have crossed Rs 6,000 crore.

SBI Life ranks third amongst private life insurance companies in terms of premium collection and had a market share of 11.22 per cent amongst private players in August, according to Irda.

US Roy, managing director and CEO, SBI Life Insurance said, "Our unique multi-distribution model, that comprises the best bancassurance model in the country coupled with the most aggressive agency force and the ability to offer tailor-made services to our customers, is reflected in our results."

SBI Life Insurance is a joint venture between the State Bank of India and Cardif, a BNP Paribas company. The total number of lives covered has increased to 6.85 million.