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| SBI Life Aims to Triple its growth with Profits | | |
Jammu | May 6
The SBI Life Insurance Company Limited, which enjoys the unique distinction of being the first private sector life insurance company in India to make profits announced in impressive 210 % growth of new business premium and an 88 percent jump in its New Profit for FY 06-07 here today.
Addressing a press conference, US Roy, Managing Director & CEO, SBI Life Insurance said, “We attribute our encouraging performance to SBI’s brand equity, customer centric approach, unique and robust multi-distribution model and our business partners. Customers Trust and Transparency in operations remain the hallmarks of brand “SBI Life”.
Enhanced focus on leveraging the large State Bank Group (SBG) distribution network will help SBI Life achieve it ambitious business target, he added. By introducing innovative & cost-effective products, SBI Life aims to remain one of the fastest growing life insurance companies.
Speaking on the occasion, Eric Lombard, Chairman & CEO, Cardif SA of France said, “We believe that India offers a huge business opportunity, which is currently largely untapped. Our global expertise and State Bank Groups strong local presence, will help us to drive life insurance penetration across the country. The total premium increased to Rs. 2,928.49 crores, up 172% from the corresponding premium of Rs. 1,075.32 crores last year. One of the key drivers of SBI Life’s rapid growth has been the profitable business growth demonstrated by all the distribution channels namely, Bancassurance, Agency and Group Corporate.
The assets under management have more than doubled to Rs. 4,741 crores. SBI Life products are available at State Bank’s 14,500 branch network which is supplemented by 125 full service branches of SBI Life.
Strengthening its Pension Product portfolio, the company recently introduced unit-linked variants of the Pension Products namely, Horizon II Pension and Unit Plus II Pension. The Horizon II Pension Product has a unique Automatic Asset Allocation facility : an algorithm based active investment allocation mechanism, which is currently offered exclusively by SBI Life in India.
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