Total premium of SBI Life Insurance up by 166 per cent
16 May 2005Mumbai: SBI Life Insurance Company Limited has announced a triple digit growth of 166 per cent in total premium income for the year ended March 31, 2005. The total premium income of the company stood at Rs601 crore for FY 2004-05, as against Rs225 crore recorded in the corresponding period last year. Bancassurance contributed 67 per cent to the total premium income.
The company registered a growth of 138 per cent in new business premium with a collection of Rs482 crore as compared to Rs202 crore received last year. It has added 14.96 lakh new lives for the year 2004-2005, an increase of 60 per cent as against 2003-2004. The company manages a portfolio of 29 lakh lives, which is the largest amongst all the private insurance companies. The total new business sum assured for fiscal 2004-05 is Rs17,285.1 crore which is 1.5 times of last year.
S Krishnamurthy, MD and CEO, SBI Life Insurance said, "The premium income from the bancassurance channel has grown about three times compared to the previous year and we intend to grow at the same pace in the current year too."
The company showed an impressive growth of 50 per cent in the number of policies issued compared to last year. SBI Life Insurance is the leader in credit life insurance contributing about 75 per cent of the company's group premium income. Traditional endowments and pensions have also contributed handsomely to the premium income.