SBI Life Insurance net profit up 14 per cent to Rs 241 crore in Q1

MUMBAI: SBI Life Insurance reported a 14% rise in net profit to Rs 241 crore for the first quarter of this fiscal year ending June 2014 against Rs 212 crore in the comparable quarter last year.

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif of France.

Recently, SBI chief Arundhati Bhattacharya stated to a wire agency that it is in talks with the joint venture partner regarding listing of the insurance unit. SBI, which controls one-fifth of the deposits and advances market, owns 74% in the life insurance business while the remaining is with BNP Paribas.

The company reported a 17% rise in gross written premium to Rs 1,676 crore in the first quarter.

The renewal premium rose 32% to Rs 937 crore over the corresponding quarter last year. Assets under management rose 17% to Rs 61,871 crore.