SBI Life Insurance Q1 Net rises 14 pc to Rs 241 crore

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SBI Life Insurance has reported 14 per cent rise in net profit at Rs 241 crore for the first quarter ended June 30, 2014.

"SBI Life Insurance...Today announced a net profit of Rs 241 crore for the quarter ending June 2014 as against Rs 212 crore during the corresponding quarter last year, an increase of 14 per cent," the company said in a release.

The total premium of the company grew by 17 per cent to Rs 1,676 crore during the period.

The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over corresponding quarter last year.

"We...Look forward to achieving 35 per cent growth in gross written premium this fiscal. The recent announcement to increase cap in FDI investments to 49 per cent will give the Insurance industry a much needed boost and will spur a new cycle of growth," said Atanu Sen, Managing Director and CEO, SBI Life Insurance.

The company's assets under management grew by 17 per cent to Rs 61,871 crore as on June 30, 2014 against Rs 52,745 crore a year ago.

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