Private insurer SBI life Insurance on Wednesday reported a marginal growth of 4.94 per cent in Profit After Tax (PAT) at `428.17 crore for the first half of this financial year ending September 30. The insurer’s PAT stood at `407.98 crore in the corresponding period of the previous fiscal, SBI life said in a release issued here.
SBI life’s Asset Under Management (AUM) rose to `87,784 crore as on September 30, compared to `74,554 crore during the same period last year. The company posted a robust growth of 77 per cent in overall new business premium at `4,644 crore during the first half of FY17 against `2,626 crore in the same period last year. The collection of renewal premiums recorded a growth of 26 per cent at `3,715 crore for the first half of FY17 from `2,946 crore over the corresponding period last year. Operating expenses to GWP ratio for the company went down by 16 per cent during the first half of the current fiscal.
“Our endeavour to reach out to our customers with quality products and services has led to the results that we have achieved. The customer-centric approach in all our processes and strong performance of our distribution channels have enabled us to register such robust growth,” SBI life Insurance Managing Director and CEO Arijit Basu said.