 "SBI Life net up 11% at at Rs 820 cr")
SBI Life Insurance had 11% growth in net profit for FY15, at Rs 820 crore compared to Rs 740 crore for FY14.
New business premium rose from Rs 5,066 crore in FY14 to Rs 5,529 crore in FY15, growth of 9.1%.
Gross total premium received in FY15 was Rs 12,867 crore, of which the renewal premium was Rs 7,338 crore. The regular new business premium rose 11% to Rs 3,331 crore.
The total of assets under management grew 22% to Rs 71,339 crore as on March 31. The operating expense ratio reduced to 9.15% from 10.3% the previous year.
Arijit Basu, managing director said: "We attribute our growth to a strong multi-channel distribution system, innovative new products and good customer service. We continue to grow consistently and will be entering our 15th year in the insurance business."