SBI Life Insurance posts Rs 2.02 cr profit
Kolkata, May 10 (UNI) SBI Life Insurance Company Limited recorded a net profit of Rs. 2.02 crores for FY 05-06 and garnered a total premium of Rs 1075 crores, registering a 78 per cent growth.
The new business premium generated was Rs.828 crores placing SBI Life Insurance at no.4 position amongst the private life insurance players for the year.
The company also increased its paid-up capital by Rs 75 crores to Rs. 425 crores comfortably meeting its solvency margin requirements.
"Becoming the first private player to report net profit as well as achieve the Rs 1000 crore mark are proud moments for us at SBI Life. We will continue to set new standards in the industry in the coming years," Mr S. Krishnamurthy, MD &CEO, SBI Life Insurance said.
Bancassurance continued to be the company's key distribution channel and contributed over 43 per cent to the total premium of the company, at Rs. 470 crores.
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