SBI Life Insurance aims 35 pct growth in FY'15

PTI Posted online: Saturday, Jul 12, 2014 at 0000 hrs
Kolkata : SBI Life Insurance, a 74:26 joint venture between State Bank of India and BNP Paribas' Cardiff, is aiming at 35 per cent growth in business in FY'15.

"We are looking at 35 per cent growth in gross written premium this year. In 2013-14, we had a premium income of around Rs 11,000 crore with a growth of 30 per cent," SBI Life Managing Director & CEO Atanu Sen said here today on the sidelines of an insurance summit organised by ICC.

Sen said the renewal premium growth of 40 per cent would help achieve the year's business target.

SBI Life reported a profit of Rs 742 crore in FY'14 and aims at over Rs 800 crore in the current fiscal.

Speaking about capital infusion, Sen said currently the company did not need capital for the next 3-4 years as it could be met through internal accruals.

Meanwhile, Sen welcomed the increase in FDI limit for the insurance sector but said he was waiting for more clarity.

Sen said there was no formal discussion on stake increase by BNP Paribas though they would have first right of refusal.