SBI Life aims 35pc growth in FY15

Tags: News
SBI Life Insurance, a 74:26 joint venture between State Bank of India and BNP Paribas' Cardiff, is aiming at 35 per cent growth in business in FY'15.

"We are looking at 35 per cent growth in gross written premium this year. In 2013-14, we had a premium income of around Rs 11,000 crore with a growth of 30 per cent," SBI Life Managing Director & CEO Atanu Sen said here today on the sidelines of an insurance summit organised by ICC.

Sen said the renewal premium growth of 40 per cent would help achieve the year's business target.

SBI Life reported a profit of Rs 742 crore in FY'14 and aims at over Rs 800 crore in the current fiscal.

Speaking about capital infusion, Sen said currently the company did not need capital for the next 3-4 years as it could be met through internal accruals.

Meanwhile, Sen welcomed the increase in FDI limit for the insurance sector but said he was waiting for more clarity.

Sen said there was no formal discussion on stake increase by BNP Paribas though they would have first right of refusal.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The world is moving away from fast food like never before

    Despite spending $1.8 billion every year on worldwide advertising and promotion, McDonald’s sales are plummeting.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schoettli

It’s time for Japan to step out of its shell

The execution of a Japanese hostage by ISIS has sho­cked ...

Zehra Naqvi

The urge to tell stories

One wants to tell a story, like Scheherzade, in order ...

Bubbles Sabharwal

Truth about truth

The question to ponder is, “is it the truth because ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture