SBI Life net profit jumps by 88 per cent in 2006-07

Ahmedabad, Apr 30 (UNI) SBI Life Insurance today said its new business has jumped by an impressive 210 per cent, resulting in 88 per cent jump in its net profit for 2006-07.

In a release here, the MD&CEO of SBI Life Mr U S Roy said ''the encouraging performance was due to SBI's brand equity, customer centric approach, unique multi-distribution model and support of its business partners.'' SBI Life, which is a joint venture between the SBI and Cardif SA of France, has an authorised capital of Rs 1000 crore and a paid up capital of Rs 500 crore. SBI owns 74 per cent of the total capital and Cardif the remaining 26 per cent.

SBI Life has collected new business premium of Rs 2,566.08 crore, up 210 per cent while the net profit has been Rs 3.83 crore, up 88 per cent. Total premium for FY 2006-07 is Rs 2,926.49 crore, up 172 per cent.

The release quoted Mr Eric Lombard, Chairman&CEO, Cardif as saying that, ''We believe that India offers a huge business opportunity and we are committed, alongwith SBI, to make SBI Life the most preferred life insurer.'' UNI