SBI Life Insurance records profit of Rs 116-cr in H1 FY 10

MUMBAI: The country's largest private sector life insurer, SBI Life Insurance, today said that it posted a net profit of Rs 116-crore during the first-half of the current fiscal.

The company grew by 17 per cent in terms of total premium collection in the period under review at Rs 3,407-crore.

"Our continued focus on holistic growth has resulted in good performance in the first-half of this year. Leveraging SBI's strong brand equity and cost-efficient business model, we will drive growth and profitability," SBI Life's Managing Director and CEO, M N Rao, said in a statement here.

SBI Life's unit-linked product inflows contributed to almost 65 per cent to its total premium income ensuring a balanced mix of market-linked and traditional products.

SBI Life is a joint venture between State Bank of India and BNP Paribas Assurance.

The assets under management of the company grew by 68 per cent to Rs 21,922-crore in the period.

During the first half, the company launched two products-SBI Life-MahaAnand and SBI Life-Shubh Nivesh.