Sustaining its holistic business performance, SBI Life Insurance, the leading new generation life insurer, has posted impressive results during the first nine months of the FY 10 - 11. Growing by 52%, the company has set a new milestone, by crossing the landmark figure of Rs. 300 Crores in net profit during the period.
Reflecting its superior efficiency in it business operations, the company maintains the lowest “expense to GWP (Gross Written Premium)” ratio in industry of 7.43%. SBI Life’s Gross Written Premium collection grew by 28% to Rs. 7,770 Crores. The Asset Under Management jumped by 50 % to Rs. 36, 861 Crores from Rs. 24, 613 Crores as on 31st December, 2009.
The company has uniquely expanded by adding 134 new branches and increasing number of employees by 1349, during the period, despite tough external conditions. The corporate office has moved to a newly- acquired building in fast evolving commercial hub of Mumbai. The new corporate building was inaugurated by Shri R Sridharan, MD and GE (A & S), State Bank of India.
Commenting on the performance, M N Rao, MD & CEO, SBI Life Insurance said “Through continued emphasis on strengthening business fundamentals, namely customer centricity and operational excellence, we are confident that we will sustain our profitable growth performance. We remain committed to catering to the life insurance needs of Indian population encompassing all socio-economic and geographical segments.”
All key distribution channels namely, Bancassurance, Agency and Corporate Solutions have demonstrated profitable business growth during the period. The Agency Channel provided a significant thrust to the overall business by contributing 44% of total premium as a result of superior productivity levels of Insurance Advisors. Bancassurance witnessed a remarkable growth of 43% and contributed to over 36% cent of the total premium and Group Corporate contributed to 18% of total premium.
In the recent months, the company introduced a series of “Simple and Smart” products that encompass new IRDA guidelines compliant ULIPs, Pure Protection and Traditional products. The rapidly launched six new ULIPs cater to the investment needs of the varied customer segments.
These include HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP – Saral Maha Anand, Flexible ULIP – Unit Plus Super, Child Plan – Smart Scholar and ULIP with Automatic Asset Allocation – Smart Horizon. Innovatively-featured, non-ULIPs rolled out are No-Medicals, pure protection plan – Saral Shield, HNI targeted, pure protection plan – Smart Shield and No Medicals, traditional savings plan – Saral.
One of the highlights towards achieving customer service excellence has been the national launch of customer care initiative ‘SMS SOLVE”. A first-of-its kind in the life insurance industry, the service allows customers to have their grievances resolved in a simpler, paperless and faster manner. An innovative SMS-based service, SMS SOLVE provides customers the ease of accessing SBI Life 24 X 7. Customers are able to register their grievances about SBI Life’s service by merely sending SMS ‘SOLVE’ to 56161.
Testifying its multi-dimensional excellence, the company has bagged numerous recognitions and awards recently. Being adjudged the best, SBI Life’s annual report has won Gold Shield from Institute of Charted Accountants of India (ICAI) for excellence in Financial Reporting. Also, International Certification Services (ICS) has awarded SBI Life "ICS Quality Champion Award - 2010" for continual improvement in the Quality Process.
NDTV Profit Business Leadership award and Best Life Insurer 2010, Runner Up, award by Outlook Money are the other key media recognitions that have been conferred to SBI Life. Retaining the ISO 9001:2000 Certification for superior claim process, globally topping the prestigious international MDRT Table and reaffirmation of CRISIL “AAA/Stable” rating are other key distinctions achieved by the company during initial current financial year.
As per the latest IRDA report, as of November 2010, the company has a market share of 18.27% among private life insurers and a total market share of 5.10 %.
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