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SBI Life Insurance has posted a 52 per cent increase in profits at Rs 556 crore for the financial year ended March 31, 2012. It is proposing a maiden dividend of 5 per cent.
The company is ranked number one among private life insurers in new business premium (NBP) for the financial year 2011-12, as per the latest report from IRDA.
SBI Life has increased its market share to 19.9 per cent in FY 2011-12 from 19.2 per cent in FY 2010-11.
Premium collections
New business premium collections stood at Rs 6,531 crore, down by 13 per cent, compared to private industry shrinking 17 per cent. Renewal premium collections stood at Rs 6,602 crore, a growth of 23 per cent.
The persistency level, as per the standard 13-month industry measure, has moved up to 72 per cent, an increase of three percentage points.
Consequently, the gross written premium collections stood at at Rs 13,133 crore, up by one per cent. Assets under management jumped by 16 per cent to Rs 46, 576 crore from Rs 40,163 crore as on March 31, 2011.
During 2011-12, the company added 85 new branches and 618 employees.
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