SBI Life Insurance posted a net profit of Rs. 622 crore in the financial year ended March 31, 2013, an increase of 12 per cent over the last fiscal.
The life insurers regular new business premium increased by 19 per cent to Rs. 2,618 crore during the FY 2012-13 from Rs. 2,193 crore in FY 2011-12.
SBI Life, in a statement, said in line with the focus on improving strategic business mix, the share of single premium within new business reduced to 16 per cent, during the FY 2012-13 from 41per cent during the FY 2011-12.
The Asset Under Management (AUM) increased by11per cent to Rs. 51, 912 crore from Rs. 46, 576 crore as on 31st March, 2012.
“We will further leverage our extensive Bancassurance network, agency productivity and tap into opportunities emanating from new technology usage,” Atanu Sen, MD & CEO, SBI Life Insurance.