SBI Life Insurance on Wednesday reported a 19% growth in profit to R740 crore during the financial year ended March 31, 2014, driven mainly by operational efficiency. The private insurer had posted a profit of R622 crore during 2012-13, SBI Life said in a release.
“Despite a tough economic environment, we were able to maintain a very healthy growth on various business parameters. We have recently introduced more customer-friendly products and remain committed to bring new socio-economic and geographical segments within the insurance umbrella towards fulfilling overall goal of financial inclusion,” SBI Life Insurance MD & CEO Atanu Sen said.
Operational efficiency has been the key driver of SBI Life's profitability, he added. SBI Life's regular new business premium, which includes individual and group, increased 14.5% to R2,998 crore during the financial year 2013-14 from R2,618 crore in FY 2012-13.
In line with its focus on improving strategic business mix, the private insurer's market share through individual business has increased to 16.8% for FY14, from 13.8% during the previous financial year.