SBI Life Insurance on Wednesday posted a profit of R556 crore, up 52% year-on-year during the financial year 2011-12. “Our growth came from the efficiency and productivity of our distribution channels, customer-centric approach and robust multi-distribution business model,” said MN Rao, MD & CEO of SBI Life Insurance. The new business premium for the company stood at R6,531 crore, down by 13%, compared with private industry’s de-growth of 17% during FY 2011-12, said the company.
The insurer, collected R6,602 crore of Renewal Premium during FY 2011-12, a growth of 23% y-o-y.
The persistency level, as per the standard 13-month industry measure, has moved up to 72 %, an increase of 3% points over the corresponding period last year. Consequently, the Gross Written Premium (GWP) collected by company recorded at R13,133 crore, a growth of 1%, over the last financial year. The Asset Under Management jumped 16 % y-o-y to R46, 576 crore.