By fe Bureaus
SBI (SBIN.NS : 2242.9 -11.75) Life Insurance registered a net profit of Rs 116 crore during the first half of the current financial year. The company s assets under management (AUM) grew 68% at Rs 21,922 crore. SBI Life Insurance MD & CEO MN Rao told FE, The growth was driven by two factors---renewable premium and bancassurance channel. SBI Life Insurance recorded a 17% jump in the total premium to Rs 3,407 crore during the first half of the current fiscal. It hopes to achieve a growth of 25% on year-on-year basis in total premium during the second half of the current financial year. Renewable premium increased to Rs 708 crore as against the mark of Rs 600 crore as achieved by the insurer over the same period during the previous year. However, total income plunged due to slow down in the performance of retail agency. The income from retail agency declined 5% at Rs 840 crore as against Rs 880 crore achieved during the same period a year ago. Similarly, the new business premium declined 0.59% to Rs 2,391 crore during the period under observation. On the impact of recent Irda norms on reduction of fund management charges, Rao said, We will have to look into the cost structure of our various products and bring them into conformity with Irda guidelines. SBI Life s unit-linked product inflows contributed almost 65% to its total premium income. Under the Ulip portfolio, the company has 55:45 ratio of equity-linked and debt-linked products. Rao hoped that the same trend would continue for the second half of the current fiscal.
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) Life Insurance registered a net profit of Rs 116 crore during the first half of the current financial year. The company s assets under management (AUM) grew 68% at Rs 21,922 crore. SBI Life Insurance MD & CEO MN Rao told FE, The growth was driven by two factors---renewable premium and bancassurance channel. SBI Life Insurance recorded a 17% jump in the total premium to Rs 3,407 crore during the first half of the current fiscal. It hopes to achieve a growth of 25% on year-on-year basis in total premium during the second half of the current financial year. Renewable premium increased to Rs 708 crore as against the mark of Rs 600 crore as achieved by the insurer over the same period during the previous year. However, total income plunged due to slow down in the performance of retail agency. The income from retail agency declined 5% at Rs 840 crore as against Rs 880 crore achieved during the same period a year ago. Similarly, the new business premium declined 0.59% to Rs 2,391 crore during the period under observation. On the impact of recent Irda norms on reduction of fund management charges, Rao said, We will have to look into the cost structure of our various products and bring them into conformity with Irda guidelines. SBI Life s unit-linked product inflows contributed almost 65% to its total premium income. Under the Ulip portfolio, the company has 55:45 ratio of equity-linked and debt-linked products. Rao hoped that the same trend would continue for the second half of the current fiscal.
