Private sector insurer, SBI Life Insurance has registered a record profit of Rs 556 crore during the fiscal year 2011-12, an increase of 52% over the last fiscal year. For the first time, since the inception in year 2001, the company proposes to declare 5% of dividend.
As per the latest report from IRDA, SBI Life Insurance is ranked number one amongst the private sector life insurers in New Business Premium (NBP) for the fiscal year ended as on 31st March. Among private life insurers, market share of the company increased to 19.9% from 19.2% in last FY.
The New Business Premium (NBP) collection stood at Rs 6,531 crore, down by 13% as compared to private companies’ de-growth of 17% during the fiscal year. The company collected Rs 6,602 crore Renewal Premium, an increase of 23% over the last fiscal year.
Consequently, the gross written premium collection of the company stood at Rs 13,133 crore, up by 1% over the last fiscal year. The Asset Under Management (AUM) jumped by 16% to Rs 46,576 crore from Rs 40,163 crore of last fiscal year.
During the fiscal year 2011-12, the company has opened 85 new branches and added 618 employees.
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