SBI Life Insurance Company has managed to overshadow all the 21 private life insurance companies for the month of May 2011 by collecting premiums of Rs 394.38 crores.
In comparison to SBI Life’s business figures, ICICI Prudential Life collected only Rs 245.6 crores in May, followed by HDFC Life Insurance Company’s collections of Rs 187.3 crores. These three are the top three private life insurance companies in terms of their business figures for the last month.
There are 22 private life insurance companies in India. Sahara Life, DLF Pramerica, and IDBI Federal Life Insurance Companies have fared the least among all these insurers. IDBI Federal Life has managed to garner Rs 9.93 crore, while DLF Pramerica and Sahara Life have collected only Rs 5.97 crore and Rs 3.33 crore respectively.
SBI Life Insurance launched its business in 2001 and is jointly promoted by the State Bank of India (74%) and BNP Paribas Assurance (26%). Their main distribution channels are bancassurance, agency, and corporate solutions.
Last financial year, despite tough conditions SBI Life’s net profits increased by 33% compared to the previous year. In the current financial year, the company is targeting a 35% growth in its total premiums. As per the IRDA report, SBI Life Insurance Company holds a market share of 19.22% among private life insurance companies, and its total market share stands at 6.02%.
