SBI Life Dec quarter net rises 26% to Rs 197 cr

SBI Life Insurance Co Ltd, has declared its audited financial results for the quarter ended 31st December 2015, showing strong all round growth. 

Individual new business premium grew by 32 per cent  over the same period last year to Rs 1,556 crores during the quarter. Renewal premium recorded a 20 per cent growth to Rs 2,359 crores. 

Net profit after tax rose by 26 per cent to Rs 197 crores during the quarter. The assets under management increased by 15 per cent to Rs 77,174 crores. Arijit Basu, MD and CEO, SBI Life, said that, “All distribution channels had been performing in an exemplary manner during the current financial year. 

“A wide range of products and focus on better customer delivery had enabled the company to record such an impressive performance.” 

Basu also expressed satisfaction that in the first three quarters, the company’s Individual New Business Premium (APE) rose by 43 per cent as against 11 per cent for the industry.  This had enabled the company to gain 3.9 per cent in Individual New Business (APE) market share during the year.