SBI Life posts 19 per cent growth in profit

MUMBAI: Private sector insurer SBI Life has posted a 19 per cent growth in net profit to Rs 740 crore for the financial year ending March’14

SBI Life’s regular new business premium increased by 14.5 per cent, to Rs. 2,998 crore during the year under review, from Rs. 2,618 crore in the previous year.

The individual new business premium or annualised premium equivalent (APE) grew by 17.7% to Rs. 2,809 crore during the year. While assets under management or AUM rose 12.7%, to Rs. 58,480 crore as on March 31, 2014 from Rs. 51,912 crore as on March 31, 2013.

The company’s expense ratio stood at 11.4 per cent. The Company has garnered a new business market share of 17.2 per cent amongst private players for the financial year 2013 – 14, according to an official release by the company.