SBI Life poise for a business growth over 100 per cent in Q1

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Kolkata, Jul 17 (UNI) The projected business growth of SBI Life, ranked second amongst the private life insurance players, was over 100 per cent in the first quarter of 2008/09 compared to Rs 426 crore in Q1 last year, according to SBI Life Managing Director and CEO U S Roy.

Mr Roy while announcing new business plans for the company in this fiscal, said the business growth was estimated to be around Rs 850 to Rs 900 crore in the first quarter of this fiscal as final account would be placed by July 22 or 23.

The profit would also jump merginally despite slowdown of economy worldwide.

Posting over 100 per cent growth in new business premium to Rs 546 crore, SBI Life stood second amongst the private insurance players as per the latest IRDA report for the current FY 09.

The assets had also crossed Rs 11,000 crore as on May 08 as the company till date had covered over seven million lives and maintained leadership position in lives covered.

UNI PC SJC RN1858

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