SBI Life Posts Net Profit of Rs. 820 Crore in FY 2014-15

By 121 News

Chandigarh 05^th May:- SBI Life Insurance today announced a net profit of Rs. 820 crores as compared to last year's net profit of Rs 740 crores, an increase of 11%. The individual new business premium has increased from Rs. 3,217 crores in FY 2013-14 to Rs 3,757 crores this year, recording a growth of 17%.

Commenting on the financial results of the Company, Arijit Basu, Managing Director and CEO, SBI Life, said that we attribute our growth to our strong multi-channel distribution system, innovative new products and good customer service. We continue to grow consistently and will be entering our 15^th year in the Insurance business. Our focus will be on enhancing distribution efficiency, lowering operational cost, introducing innovative products and continue to be customer centric. We look forward to the coming year to write many more success stories through our continuous and dedicated efforts. SBI Life Insurance has a suite of products in various categories like protection, wealth creation, savings, child, retirement, etc. together with insurance, to address needs of diverse customer segments.

In the FY 2014-15, SBI Life has been awarded as the 'Most Trusted Private Life Insurance Brand' by the Economic Times, Brand Equity for the fourth consecutive year in a row, besides being announced as "Most Promising Brands" by The Economic Times. The company was also felicitated as runner up for the 'Best Life Insurance Provider 2014' by Outlook Money Awards for the second consecutive year and won the  "Indian Insurance Award 2014" for 'Non- Urban Coverage- Life Insurance' 'Best Life Insurance Company'. Another honour bestowed upon the company was the 'Most Admired Life Insurance Company in the Private Sector' by Asia Banking, Financial Services and Insurance Excellence (BFSI) 2014 Awards. These awards are testimony to the company's value-driven commitment towards its customers.

In 2014-15, SBI Life reinforced its outreach initiatives in the realm of child welfare, across different parts of the country, in line with its avowed CSR goals.  The company has extended its support to nurture not only the educational aspirations of the children but also providing for their physical well being. 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 an healthy environment.