SBI Life Insurance Q3 net profit surges 26%

SBI Life on Friday posted 26% rise in net profit at Rs 197 crore during the third quarter (Q3) of 2015-16 fiscal.

"Net profit after tax rose by 26% to Rs 197 crore during the quarter. Assets Under Management (AUM) increased by 15% to Rs 77,174 crore," it said in a statement. The company's individual new business premium grew by 32% over the same period last year to Rs 1,556 crore during the quarter. While renewal premium grew by a 20% to Rs 2,359 crore, it said. 

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"A wide range of products and focus on better customer delivery had enabled the company to record such an impressive performance," SBI Life MD and CEO Arijit Basu said. The growth of 43% in individual new business (APE) premium led to a gain of 3.9% in Annualised Premium Equivalent (APE) market share during the year.

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif. 

SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. It has an authorised capital of Rs 2,000 crore and a paid up capital of Rs 1,000 crore.