By Tricitynews Reporter
Chandigarh 03rd May:- SBI Life Insurance, one of the most trusted private life insurance companies in the country, today announced a net profit rise of 31% to Rs. 336 crores in Q4 of FY 16-17, as compared with Rs. 256 crores in the corresponding quarter last year. SBI Life’s individual new business premium (APE) rose by 40% at Rs. 2,213 crores in Q4 of FY 16-17 as compared with Rs. 1,586 crores for the same period last year.
For the financial year 2016-17, SBI Life reported a Net Profit of Rs. 955 crores, an increase of 11% compared to last year’s Net Profit of Rs 861 crores. SBI Life also became the first private life insurer to cross Rs. 10,000 crores in New Business Premium. The New Business Premium for FY 16-17 grew by 43% to Rs. 10,144 crores. The Individual New Business premium (APE Basis) rose to Rs 5,936 crores in FY 16-17, recording a phenomenal growth of 39% compared with Rs. 4,276 crores in FY 2015-16.
Commenting on the financial results of the Company, Arijit Basu, MD & CEO, SBI Life, said that the overall FY 2016-17 has been excellent for the company including the last quarter (Q4) not only in terms of business but quality as well. With 39% growth in the Individual New Business premium (APE Basis), we have entered the 17th successful year of operation and command more than one fifth of the private life insurance market.
He added that our primary commitment is to our customers and during the year we have improved our Death Claim Settlement Ratio to 98% and further reduced our complaints related to misselling to 0.20% of the policies sold, which is the best in the industry. Our focus in the coming times will be on further enhancing our distribution efficiency, lowering operational cost, introducing innovative products and continue to be customer centric. We look forward to the coming year and promise our continuous and dedicated efforts towards serving our customers.