SBI Life Insurance posts net profit of Rs. 156 crores in Q3 FY14-15
The new business premium of the company grew by 25% to Rs. 1,633 crores during this period as against Rs 1,303 crores in the same period last year.
The collection of renewal premiums recorded a growth of 33% at Rs. 1,958 crores from Rs. 1,472 crores over the corresponding quarter last year.
Operating expenses to GWP ratio was down by 15% during the quarter.
The company reported strong all-round growth during the quarter.
Commenting on the results, Arijit Basu, Managing Director and CEO of SBI Life Insurance, said, "Our multi-channel distribution network continues to work well with Bancassurance sales picking up steadily. We have taken up various measures to further improve our client servicing and quality of sales, including a pre-issuance welcome call that has been well received. We look forward to ending the last quarter of the year on a strong note."
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