SBI Life new biz premium up 6 pc to Rs 4,699 cr

NEW DELHI: Private sector insurer SBI Life today said its new business premium grew by 6 per cent to Rs 4,699 crore at the end of December 2010.

The company's new business premium income was Rs 4,448 crore at the end of December 2009.

"We have seen a good growth in new business. The new business premium increased by 6 per cent on a year on year basis," SBI Life CEO and Managing Director M R Rao told PTI.

On a month-on-month basis, the new business premium from Unit Linked Plans (ULIPs) rose to Rs 487 crore during December, from Rs 261 crore in November-end.

"Mostly the new business premium growth was seen in the ULIP and group insurance product segment during December," Rao said.

New business premium from group insurance products grew 2-fold month-on-month to Rs 228 crore at the end of December. Also traditional products business premium rose to Rs 59 crore from Rs 36 crore and individual products to Rs 545 crore in December, from Rs 297 crore at the end of November.

For the third quarter ended December 2010, SBI Life posted over two per cent growth in net profit at Rs 84 crore.

The total premium collection or Gross Written Premium ( GWP) grew by almost 10 per cent during the third quarter to Rs 2,941 crore.