Chennai, Apr 29: Leading insurance service provider SBI Life Insurance Company Limited today announced a net profit of Rs 34 crore for the financial year ended March 31, 2008 in its third consecutive year of profitable operations. The New Business Annualised Premium Equivalent (APE) has grown by 93 per cent to Rs 3,481 crore, a company release here said.
The total premium of the company grew by 92 per cent to Rs 5,622 crore. The company continued to maintain the lead position among its peers by having covered fover seven million lives, it claimed. In the context of the overall product portfolio, this year too SBI Life's performance was remarkable in unit-linked product inflows, which contributed almost 70 per cent to its total premium income, thus ensuring a balanced mix of market-linked and traditional products.
The Assets under Management have more than doubled to Rs 10,493 crore.