JOIN USSBI Life Insurance on Wednesday reported net profit of Rs 622 crore for financial year 2012-13, an increase of 12 per cent over the previous fiscal.
The private life insurer's regular new business premium increased by 19 per cent to Rs 2,618 crore during the year from Rs 2,193 crore in FY12.
"Distinctively, the operational efficiency has been the key driver of SBI Life’s profitability," said an official release. The share of single premium from the new business individual premium reduced to 16 per cent, during FY 2012-13 from 41 per cent during the FY 2011-12. The Asset Under Management (AUM) rose by 11 per cent to Rs 51,912 crore in FY13 from Rs 46,576 crore as on 31st March, 2012.
Commenting on the result, SBI Life Insurance's MD & CEO Atanu Sen said, "Despite the continued tough environment, we were able to change the business mix and sustain a profitable growth primarily due to our brand strength, multi-distribution model and high productivity of our retail channels."
SBI Life's expense to gross written premium (GWP) ratio stood at 11 per cent. The company release said that SBI Life has garnered a market share of 17 per cent amongst private players during the FY 2012 – 13 as per the latest report from Insurance Regulatory and Development Authority (Irda).