Chennai, Jan 24 (UNI) SBI Life Insurance Company Limited, the first private sector life insurance company in India to make profit, today announced an impressive 101 per cent growth in total premium collections to Rs 2,748.28 crore during the first nine months of FY 2007-2008 and posted a net profit of Rs 37.74 crore for the quarter ended December 31, 2007.
In a release here, SBI Life Insurance Managing Director and CEO U S Roy said "our business performance for the first nine months has been very encouraging, despite the slowing down of the growth in the industry over last year. Our capital-efficient business model has helped us to wipe out accumulated losses from our balance sheet".
Both primary channels, agency and bancassurance, had demonstrated high growth levels. While agency contributed to 49 per cent of SBI Life's total premium collection as a result of its highly productive insurance advisors, Bancassurance contributed to 44 per cent through continued leveraging of the robust State Bank Group branch network.
The company's assets under management had crossed Rs 7,300 crore, as on December 31, 2007.
SBI Life products were available across 14,500 plus State Bank Group branches, which were supplemented by over 187 full-service branches of SBI Life.
The products were also available through more than 33,000 insurance advisors, the release said.
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