SBI LIFE POSTS NET PROFIT OF Rs. 861 CRORE IN FY 2015-16, INDIVIDUAL NEW BUSINESSPREMIUM RECORDED A PHENOMENAL GROWTH OF 33%


May 03,  17.39 PM IST || Pocket News Alert

Chandigarh, May 03, 2016: SBI Life Insurance today announced a net profit of Rs. 861 crores as compared to last year’s net profit of Rs. 820 crores, an increase of 5%. The individual new business premium has increased from Rs. 3,757 crores in FY 2014-15 to Rs4,978 crores this fiscal year, recording a phenomenal growth of 33%.

Commenting on the financial results of the Company, Mr. Arijit Basu, Managing Director and CEO, SBI Life, said, "FY 2015-16 has been one of the strongest for the company with 29 % growth in Total New Business Premium and 37 % in Rated Individual New Business Premium as compared to 8 % for the industry. We have entered the 16th successful year in the insurance business, with a strong multi-channel distribution system, innovative new products and good customer service. Our focus will be on further enhancing our distribution efficiency, lowering operational cost, introducing innovative products and continue to be customer centric. We look forward to the coming year and promise our continuous and dedicated efforts.”

Key Highlights of SBI Life performance during the Financial Year 2015 – 16 and Q4 2015-16:

1.          Net worth increases to Rs. 4,733 crores from Rs4,039 crores in the last fiscal

2.          The New Business Premium has increased by 29% to Rs7,107 crores as compared to Rs. 5,529 crores in FY 2014–15

3.          Individual New Business Premium has grown by 33% to Rs. 4,978 crores as compared to Rs. 3,757 crores in FY 2014-15

4.          The Gross Total Premium received in FY 2015-16 was Rs. 15,825 crores, of which the new business premium accounted for Rs. 7,107 crores and renewal premium accounted for Rs. 8,719 crores. Corresponding figures for last financial year were Rs. 12,867 crores, Rs. 5,529 crores and Rs. 7,338 crores respectively.

5.          Total Assets under Management (AUM) has grown by 12% to Rs. 79,828 crores as on 31st March 2016, from Rs. 71,339 crores as on 31’st March 2015

6.          Net profit during Q4 increased by 25 % from Rs.205 crores to Rs.256 crores and in FY 15-16 by 5% from Rs.820 crores to Rs.861 crores

7.          Operating Expense ratio has increased to 9.2%, from 9.1% in the previous year.

8.          Covered 208 lakh lives as on 31st March 2016, an increase of 57 % over the previous year

9.          Covered 285,027 lives in the social sector as against the mandated 55,000 lives

10.       Solvency ratio was 2.12 as against the regulatory mandate of 1.5

11.       13th month persistency stood at 77.67%, an increase of 1.8% over the previous year

12.       The total number of SBI Life offices is 774, across India

In FY 2015-16, SBI Life has been awarded as one of the ‘Most Trusted Private Life Insurance Brand’ by The Economic Times, Brand Equity for the fifth consecutive year in a row. SBI Life won the best ad under the insurance category for Great Dad Campaign at IndiAA Awards. It also won the Golden Peacock awards for Risk Management. Another feather in the cap was the Brand Excellence in Life Insurance (Private Sector) awards at the ABP News Brand Excellence awards. These awards are testimony to the company’s value-driven commitment towards its customers.

In FY 2015-16, SBI Life reinforced its outreach initiatives in the realm of child welfare, across different parts of the country, in line with its affirmed CSR goals.  The company has extended its support to nurture not only the educational aspirations of the children but also providing for their physical wellbeing. Significant measures have been taken to aid the provision of better infrastructure and healthcare facilities to remote areas of the country to ensure that all sections of the society gets an equal opportunity to sustain themselves in a healthy environment.

·         SBI Life supported education for the visually impaired, distributes 200 braille kits on 15th Founders Day

·         SBI Life distributed 52,000 Lunchboxes boxes pan India as part of its‘Khushiyonka Lunchbox’ initiative

·         SBI Life supportedLokanayak Leprosy Eradication Trust to adopt adivasi community at KarelaPada, Vasai

·         SBI Life Insurance has contributed towards setting up, ‘SBI Life Knowledge Centre’, at Wayanad District, Kerala

·         SBI Life provided better healthcare services for under privileged children towards the procurement of various medical equipments for K J Somaiya Medical Trust

·         SBI Life extended a helping hand by contributing towards the construction of a Hydrotherapy project of Alakendu Bodh Niketan Residential at Kolkata to support differently abled children.

·         SBI Life Insurance in association with Agastya International Foundation contributed for the set up cost of three Science Centers at Badalapur (Thane District), Kolhapur (Kolhapur District), and Kudal (Sindhudurga District) in Maharashtra.

·         SBI Life empowered the students of Bengaluru’s Guruprasad Education Society of Bengaluru, by providing them with much needed infrastructural aid

·         SBI Life distributed 40,000 educational kits, under its ‘Shiksha Se Safalta’ initiative, to school going underprivileged children thus creating a better learning environment for them

SBI Life Insurance has a host of products in various categories like protection, wealth creation, savings, child, retirement, etc. together with insurance, to address needs of diverse customer segments. Some of the key products that were launched this year are SBI Life - Smart Woman Advantage Plan, SBI Life - CSC SaralSanchay, SBI Life - Smart Humsafar, SBI Life - eWealth Insurance, etc. On the technological front, it launched the SBI Life Connect Life app– for paperless sales closure and two moredigital Initiatives - Customers Missed call for fund value and query through easy access and ‘Digilife’ – An innovation lab.

About SBI Life Insurance Company Ltd:

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs. 1,000 crores.



Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 20,000 branches across the country. BNP Paribas, one of the leading banks in Europe, ranks 5th in the banking industry worldwide.  BNP Paribas Cardif is the insurance arm of BNP Paribas and a worldwide leader in Creditor insurance products.


SBI Life’s mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency.

SBI Life has a unique multi-distribution model encompassing the vibrant Retail Agency, Bancassurance, Alternate Channel, Corporate Solutions and Emerging Business. SBI Life’s Agency Channel, comprises of a productive force of over ninety thousand (90,000) Insurance Advisors who offer insurance solutions, from 774 SBI Life offices, across India.

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking related product offerings such as cover for housing loans and personal loans, SBI’s access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring financial inclusion in the real sense.

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