SBI Life net up 88%

CORPORATE SCORECARD

With the number of life insurers launching health insurance products increasing fast, SBI Life Insurance too has announced its plans to launch health insurance products. The company also proposes to launch micro insurance products this year.

Speaking at the announcement of its annual results, Pier Paolo Dipaolo, Deputy CEO, SBI Life, said, "We plan to get into health insurance and micro insurance this fiscal. We will be launching hospital cash kind of products besides various small premium size micro insurance products which will be simple to sell through banks."

SBI Life has registered an 88 per cent growth in net profit at Rs 3.83 crore for 2006-07 compared with Rs 2.02 crore in the previous year. It is so far the only private sector life insurance company, out of the 15, that has been able to break even so far.

The company registered a new business premium of Rs 2,566.08 crore, a 210 per cent growth over last year. Total premium increased to Rs 2,928.49 crore, up by 172 per cent from Rs 1,075.32 crore in 2005-06. All distribution channels recorded an impressive growth.