SBI Life Insurance’s half yearly New Business Premium collection soars to Rs. 5570 crore
SBI Life Insurance, one of the leading life insurers in the country registered an increase of 30% in its New Business Premium, from Rs. 4290 crore in H1 FY 2018 to Rs. 5570 crore in H1 FY 2019.
Establishing a sharp focus on protection, the Total Protection New Business Premium has increased by 141.7% from 240 crore in H1 FY 2018 to 590 crore in H1 FY 2019. The company has also seen a 15% rise in the Unit Linked New Business Premium from Rs. 2380 crore in H1 FY 2018 to Rs. 2740 crore in H1 FY 2019.
The Profit after Tax has increased by 12.2% to Rs. 600 crore in H1 FY2019.
The AUM has grown by 20.1% from Rs. 105,070 crore as of September 30, 2017 to Rs. 121,670 crore billion as of September 30, 2018 with the debt-equity mix of 77:23. 90% of the debt investments are in AAA and Sovereign instruments.
The company has a strong distribution network of 1, 69,662 trained insurance professionals and wide presence in 848 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centers, insurance marketing forms, web aggregators and direct business.