Mumbai: SBI Life Insurance on Wednesday reported 31% growth in net profit at Rs 336 crore in the fourth quarter of 2016-17.
The private insurer’s net stood at Rs 256 crore in the corresponding quarter of last year. Individual new business premium (APE) rose 40% to Rs 2,213 crore during the last quarter of FY17 from Rs 1,586 crore in the same period last year, SBI Life said in a release here.
The gross total premium received in FY17 was Rs 21,015 crore, up from Rs 15,825 crore in the same period last year.
Of this, the new business premium accounted for Rs 10,144 crore (Rs 7,106 crore last year) and renewal premium Rs 10,871 crore (Rs 8,719 crore).
“Overall, FY17 has been excellent for the company not only in terms of business but quality as well. With 39% growth in the individual new Business premium (APE basis), we have entered the 17th successful year of operation and command more than one fifth of the private life insurance market,” SBI Life managing director and CEO Arijit Basu said.
He said during the year the company improved its death claim settlement ratio to 98% and reduced complaints related to mis-selling to 0.20% of the policies sold.
“Our focus in the coming years will be on enhancing our distribution efficiency, lowering operational cost, introducing innovative products and remaining customer- centric,” Basu added.
SBI Life’s total assets under management (AUM) has grown by 22% to Rs 97,737 crore as on March 31, 2017, from Rs 79,828 crore as on March 31, 2016.
Meanwhile, for the financial year 2016-17, SBI Life’s net profit went up 11% to Rs 955 crore from Rs 861 crore in the previous fiscal. The new business premium for FY17 grew 43% to Rs 10,144 crore.
The individual new business premium (APE Basis) rose 39% to Rs 5,936 crore in 2016-17 from Rs 4,276 crore in 2015-16.