SBI Life Insurance eyes 30-40% growth

SBI Life Insurance eyes 30-40% growth in new business premium

Kolkata, June 13 (IANS) SBI Life Insurance is eyeing to achieve a growth of 30-40 per cent in the new business premium in 2016-17, a top company official said.

“We are targeting to achieve 30-40 per cent growth in new business premium in the current fiscal and intending to grow by 25-26 per cent in the gross total premium including new and old,” said company’s Managing Director and CEO Arijit Basu.

The life insurer will remain focused on banking and agency channel to achieve the growth, he said.

The company achieved 29 per cent growth in total new business premium in 2015-16 and 37 per cent growth in the rated Individual new business premium as compared to 8 per cent for the industry, he said.

“This was attributed to performance of banking and agency channel. Sales through agency channel grew by 12-13 per cent in the last year while banking channel also had a fantastic growth,” Basu said.

“We intend to grow by 20 per cent in the current fiscal in agency channel while our banking channel growth is expected to over 50 per cent,” he said.

The life insurer will strengthen its banking channel by increasing the number of licensed specified persons who are SBI staffs having licence to sell life insurer’s product.

“We have about 28,000-30,000 specified persons adding 3,000 in the last year. We will increase the number,” he said.

Banking channel contributes about 55 per cent of products sales while agency has a share of about 39 per cent, the remaining comes from other channels.

The company plans to launch a new ULIP product for high net worth individual by end of this month, he said.

The company reported the gross total premium received in FY 2015-16 was Rs 15,825 crore, of which the new business premium accounted for Rs 7,107 crore and renewal premium accounted for Rs 8,719 crore.

Corresponding figures for last financial year were Rs 12,867 crore, Rs 5,529 crore and Rs 7,338 crore respectively.

The company has about 27 products in individual platform while group platform has about 20 more.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here