SBI Life today posted 26 per cent rise in net profit at Rs 197 crore during the third quarter of 2015-16 fiscal.
"Net profit after tax rose by 26 per cent to Rs 197 crore during the quarter. Assets under management (AUM) increased by 15 per cent to Rs 77,174 crore", it said in a statement.
Company's individual new business premium grew by 32 per cent over the same period last year to Rs 1,556 crore during the quarter.
While, renewal premium grew by a 20 per cent to Rs 2,359 crore, it said.
"A wide range of products and focus on better customer delivery had enabled the company to record such an impressive performance", SBI Life MD & CEO Arijit Basu said.
The growth of 43 per cent in individual new business (APE) premium led to gain 3.9 per cent in APE market share during the year.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif.
SBI owns 74 per cent of the total capital and BNP Paribas Cardif the remaining 26 per cent.
It has an authorised capital of Rs 2,000 crore and a paid up capital of Rs 1,000 crore.
