SBI Life records 33 percent growth in profit at 
366 Crore
New Delhi: Leading private sector insurer SBI Life Insurance today reported a 33 percent growth in net profit at Rs 366 crore for the financial year ended March 2011 on the back of increase in renewal premium income.
"We continue to be profitable from operations side as we keep our expenses low. Bancassurance (bank channels) and agency force is helping us to sustain profits," SBI Life Insurance Managing Director M N Rao told PTI.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74 per cent of the total capital in the JV and BNP Paribas Assurance holds the remaining 26 percent.
The total premium income of the insurance company during the fiscal grew by 28 percent to Rs 12,912 crore.
Source: PTI
