SBI Life posts net profit of Rs 199 cr in first 9 months

Assets Under Management (AUM) grew by 111.5 per cent,over the corresponding period last year,to Rs 24,589 crore.

SBI Life Insurance,has clocked a profit of Rs 82 crore in Q3 FY10 while for the first nine-months of this fiscal (FY10),the life insurer posted a net profit of Rs 199 crore.

Its total premium collection in the first nine-months stood at Rs 6,087 crore,up 32 per cent,a press release issued stated.

New Business Premium grew by 19 per cent to Rs 4,392 crore during the period.

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“Reflecting its superior efficiency in its business operations,the company maintains the lowest “expense to GWP (Gross Written Premium)” ratio in industry of 7.99,” the release said.

“We remain committed to reaching life insurance solutions to customers,across socio-economic and geographical segments,enabling them for a better tomorrow,” SBI Life Insurance’s Managing Director and CEO,M N Rao said.

The New Business Annualised Premium Equivalent (APE),a standard measure in the industry to measure performance,has grown by 24.75 per cent to Rs 3,953 crore.

Assets Under Management (AUM) grew by 111.5 per cent,over the corresponding period last year,to Rs 24,589 crore.

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