SBI Life Insurance has announced its embedded value as Rs 12,999 crore on March 31, 2016. The insurer’s new business margin, based on medium term acquisition expense assumption, stood at 16 per cent and on current level of acquisition expense, stands at 14.2 per cent. It reported a net profit after tax of Rs 215 crore for the first quarter of FY17, an increase of six per cent over the last year in the same period.
Arijit Basu, MD & CEO, SBI Life Insurance said “We registered a strong growth of 78 per cent in its New Business Premium in the Q1 of FY 16-17, which helped us increase our market share within the private players to 21.2 per cent vis-a-vis 14.6 per cent last year," he said. The company reported a Net Profit after Tax of Rs 215 crore for the first quarter of FY17, an increase of 6 per cent over the last year in the same period. In the first quarter of FY 16-17, the Assets under Management for the Company rose by 15 per cent at Rs 85,922 crore as against the same period in the last year. The Company recorded a growth of 69 per cent in its Individual New Business Premium (APE), while the industry reported a growth of 16 per cent.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP Paribas Cardif the remaining 26 per cent.
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