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US Roy, managing director and chief executing officer, SBI Life Insurance, said, “We will continue to focus on enhancing the all-round quality of our business. Despite the prevailing slowdown, we outpaced life insurance industry’s growth rate.”SBI Life also witnessed changing customer preference towards traditional products with inflows in unit-linked insurance policies (Ulips) accounting for just over 60 per cent of total new business premium collected.
Ulips have been driving growth rate of insurance companies for the past two-three years. SBI Life Insurance accounts for 15.46 per cent of marketshare among private sector life insurance companies as per the Insurance and Regulatory Development Authority (Irda) report February 2009.
With changing customer interest, SBI Life now has a balanced mix of business of market-linked and traditional products in the company portfolio. The company launched couple of new products in the last quarter of the financial year. The total assets under management of the company grew by 43 per cent to Rs 14,964 crore.
To fund its expansion plans SBI Life will infuse additional capital of
Rs 500-600 crore in this financial year. At present, SBI Life has Rs 1,000 crore equity.
SBI Life Insurance also has increased its network by adding 250 new offices in the past year to its existing network of 180 offices. All SBI branches sell SBI Life’s insurance policies.
SBI Life Insurance is a joint venture (JV) between SBI and BNP Paribas Assurance. SBI owns 74 per cent of the total capital and BNP Paribas Assurance the remaining 26 per cent.
