Private insurer SBI Life Insurance today reported a marginal growth of 4.94 per cent in Profit After Tax (PAT) at Rs 428.17 crore for the first half of this financial year ending September 30.
The insurer's PAT stood at Rs 407.98 crore in the corresponding period of the previous fiscal, SBI Life said in a release issued here.
SBI Life's Asset Under Management (AUM) rose to Rs 87,784 crore as on September 30, compared to Rs 74,554 crore during the same period last year.
The company posted a robust growth of 77 per cent in overall new business premium at Rs 4,644 crore during the first half of FY17 against Rs 2,626 crore in the same period last year.
The collection of renewal premiums recorded a growth of 26 per cent at Rs 3,715 crore for the first half of FY17 from Rs 2,946 crore over the corresponding period last year.
Operating expenses to GWP ratio for the company went down by 16 per cent during the first half of the current fiscal.
"Our endeavour to reach out to our customers with quality products and services has led to the results that we have achieved. The customer-centric approach in all our processes and strong performance of our distribution channels have enabled us to register such robust growth," SBI Life Insurance Managing Director and CEO Arijit Basu said.
The company's Individual New Business Premium (APE) rose by 54 per cent at Rs 2,069 crore for the six months ended September 30, against the industry growth of 18 per cent for the same period.
SBI Life Insurance has also achieved a market share of 20 per cent in Individual New Business amongst the private life insurers, in the first half of this financial year.
The insurer is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif.
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