SBI Life Insurance has witnessed a 19(%) per cent growth in its new business premium in the nine-month period ending December 2009, compared with Rs 4,392 crore, while the total premium collection grow by 32 per cent during the same period a year ago.
The company will shortly launch a bunch of Ulips (unit-linked insurance policies) in the child, pension and high net worth individual (HNI) categories.
The new business annualized premium equivalent (APE), a standard calculate in the industry to measure performance, grew by 24.75(%) per cent to Rs 3,953 crore. The company’s assets under management grew by 111.5(%) per cent over the parallel period last year to Rs. 24,589 crore.
Announcing its quarterly results, the company said it posted a profit of Rs 82 crore in October-December period, while in the first nine months of 2009-10, net profit stand at Rs 199 crore.
M N Rao, managing director and chief executive officer, SBI Life Insurance, said, “We will focus on creating value for our customers through leveraging of our common distribution network, brand equity and customer-centric offerings. We will plan to provide Life Insurance solutions to customers across socio-economic and geographical segments, enabling them for a better tomorrow.”
The company has launched a suite of five ULIPs — SBI Life-Unit Plus III Pension, SBI Life-Unit Plus III, SBI Life-Horizon III, SBI Life-Maha Anand II and SBI Life Smart Ulip (Series II).
The company has also introduced two new funds — namely Top 300 Fund, which captures long-term capital appreciation opportunities by investing in stocks of top 300 companies by market capitalisation, and an index fund, which aims to provide returns aligned to the NSE S&P CNX Nifty index.
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