SBI Life Insurance Company Limited has posted its earnings for the period ended December 31, 2010. The net profit earnings for the period ended December 2010 is close to Rs.301 crore as opposed to Rs.198 crore for the period ended December 2009. This is a landmark figure for any private insurer.
M N Rao, Managing Director and CEO, SBI Life Insurance said, “The overall profitability is maintained. We are confident that with the picking-up of sales we will be able to maintain this growth trend”. He also added that “We remain committed to catering to the life insurance needs of Indian population encompassing all socio-economic and geographical segments”.
The Gross Written Premium during the third quarter has grown by almost 10% to Rs. 2941 crore against Rs. 2679 crore in the corresponding period last year.
The company has continually focused on customer centric operations and strengthening its business fundamentals. They have successfully launched new plans that are compliant with IRDA guidelines. In the private life insurance sector SBI Life has a market share of 18.27% (as per IRDA report dated Nov 2010). The company has 3 more products in the pipeline.
