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.

EDITORIAL OF THE DAY

  • For a successful digital payments ecosystem, clarity is the way forward

    In the last few weeks, demonetisation has moved out of the headlines, perhaps because there are no long queues at ATMs.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium : THE UGLY AND INCONVENIENT TRUTH

Same song, different verse. The time for polemics over how ...

M S Swaminathan

Double the money

Both the National Policy for Farmers’ and the reports of ...

Rajgopal Nidamboor

You are what your emotions are

The explanation of unconscious facial expressions is representative of questioning ...