New Delhi: SBI Life Insurance, a joint venture between the State Bank of India and French-based Cardif, has become the first domestic life insurance company to break even by registering a profit of Rs 2.02 crore for the financial year 2005-06 reports Financial Express.
This has been due to higher contribution from bancassurance channel, robust fund performance and good product and distribution strategy.
The company has mopped up Rs 35-40 crore through IMD redemption. It has collected premium amounting to Rs 1075 crore recording a 78 per cent growth.
Moreover, it generated new premium worth Rs 825 crore for the year. Bancassurance contributed a major chunk of about 43 per cent to the total premium amounting to Rs 470 crore.
Credit life business of the company has contributed over 25 per cent of the total premium.
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