[sbinews] SBI Life tops target in premium income (Businessline)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Tue, 11 May 2004 18:53:47 -0700 (PDT)
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SBI Life tops target in premium income
(Businessline)
Our Bureau
Mumbai , May 11
SBI Life Insurance Company Ltd has recorded a 210-per
cent growth in total premium income at Rs 225 crore
for the financial year ended March 31, 2004, against
Rs 72.75 crore recorded in the previous year.
"The company has exceeded its internal target of
premium income by 7.5 per cent," said Mr S.
Krishnamurthy, Managing Director and CEO, SBI Life,
while addressing a press conference here on Tuesday.
The premium income from the group business amounted to
Rs 131.56 crore and from individual business at Rs
94.10 crore.
First premium income atf Rs 202.1 crore was up181 per
cent compared with Rs 72 crore received last year,
while the total sum assured rose to Rs 26,000 crore
against Rs 4,000 crore of the previous year.
SBI Life sold 1,04,194 policies during the fiscal
ended March 31,2004, against a sale of 17,746 policies
in the previous fiscal.
In its third year of operations, over 8,000 branches
of the company's parent, State Bank of India, would
sell SBI Life's products, with the number of certified
insurance felicitators being increased to over 7,000,
Mr Krishnamurthy said.
In keeping with the IRDA regulations, the company has
fulfilled its social and rural sector targets by
covering 80,927 lives in the social sector by selling
19,851 policies in the rural areas.
Responding to press queries on Cardif's plans for its
Indian operations, Mr Gerard Binet, Deputy MD and Head
- International Operations, Cardif, said, that a
non-life personal insurance venture in India may be on
the cards sometime in the future.
However, he emphasised, that there were no immediate
plans towards this and the idea would take time to
take shape.
Cardif's total premium income in the last fiscal was
9.2 billion euro, of which, around 2.5 billion euro
was contributed by its non-life personal insurance
business.
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