SBI Life Q1 net up 6.43% at Rs 215 cr

SBI Life Insurance today reported 6.43 per cent growth in net profit at Rs 215 crore for the the first quarter ended June 30.
The private insurer's net profit stood at Rs 202 crore in the corresponding quarter of the previous fiscal, SBI life said in a release.
The company's gross total premium for the quarter grew 52.73 per cent to Rs 3,383 crore compared with Rs 2,215 crore.
Total new business premium went up 78.22 per cent to Rs 1,866 crore as against Rs 1,047 crore last year.
"All distribution channels have been performing in an exemplary manner. The momentum from last year's success continues to be high in the current financial year as well. We have registered a strong growth of 78 per cent in its NBP in the Q1 of FY17, which helped us increase our market share within the private players to 21.2 per cent from 14.6 per cent last year," SBI Life Insurance Managing Director and CEO Arijit Basu said.

"Also this year, for the first time, the company is publishing its Market Consistent Embedded Value (MCEV), which stands at 12,999 crore," Basu added.

Assets under Management (AUM) of the company rose by 14.19 per cent to Rs 83,117 crore against Rs 72,785 the same period in the last year.
The private insurer's operating expense ratio also dipped to 11 per cent from 13.4 per cent quarter last year.
SBI Life is a joint venture between State Bank of India and BNP Paribas Cardif.