Description : Corporate
Date : Aug-19-2010
SBI Life Insurance has been ranked the No.1 life insurer across the globe for 2010.
It is by the Million Dollar Round Table (MDRT) members.
Meanwhile, MDRT is an association of the world's best life insurance sales professionals.
This, however, is the second consecutive year where SBI Life topped MDRT.
In 2010, SBI Life has 2,904 MDRT members, up from the 2,677 in 2009.
In the meantime, SBI Life is followed by the US' New York Life and Korea's Samsung Life Insurance in the rankings.
The Life Insurance Corporation of India, however, is ranked fourth with 1,218 members.
Moreover, MDRT members are recognized as skilled professionals.
They are said to be one among the best in the industry.
They, however, perform outstanding client service and have achieved the highest standard of sales excellence in the life insurance and financial services business.
On the other hand, less than 1% of the world's life insurance and financial services advisors become eligible to be a part of MDRT.
Earlier, State Bank of India (SBI) Life Insurance registered a net profit at Rs 276 crore in financial year 2010.
The company had set a new milestone by crossing Rs 10,000 crore landmark figure in Gross Written Premium (GWP) during 2010 fiscal, the company said in a statement.
Moreover, the company's Asset under Management (AUM) rose by 96 per cent to Rs 28,551 crore while the New Business Annualised Premium Equivalent (APE) jumped by 37 per cent to Rs 6,358 crore.
With a solvency ratio of 2.2 and share capital of Rs 1,000 crore, SBI Life is one of the most capital-efficient life insurance companies in the industry.
It also said that the company continues to maintain the lowest expense to GWP ratio in industry of 6.5 per cent.
Besides this, the bancassurance had witnessed a growth of 59 per cent and contributed to over 33 per cent of the total premium and Group Corporate contributed to 22 per cent of total premium.
The unit-linked product inflows contributed to almost 65 per cent of total premium collections.
Meanwhile, among the 22 private life insurers in India, the company which emerged as the biggest player by first year premium collection was SBI Life which collected Rs 7,041 cr. as first year premium in the last financial year 2009-10 as against collection of first year premium of Rs 5,386 cr. in the financial year before that, in 2008-09, registering a growth of more than 30 percent. SBI Life sold 13.6 lakh policies in the financial year 2009-10.
Meanwhile, SBI Life Insurance has received approval from Insurance Regulatory and Development Authority (IRDA) to sell some of its commercial line products.
The company has already sold some policies to companies in Mumbai.
Date : Aug-19-2010
SBI Life Insurance has been ranked the No.1 life insurer across the globe for 2010.
It is by the Million Dollar Round Table (MDRT) members.
Meanwhile, MDRT is an association of the world's best life insurance sales professionals.
This, however, is the second consecutive year where SBI Life topped MDRT.
In 2010, SBI Life has 2,904 MDRT members, up from the 2,677 in 2009.
In the meantime, SBI Life is followed by the US' New York Life and Korea's Samsung Life Insurance in the rankings.
The Life Insurance Corporation of India, however, is ranked fourth with 1,218 members.
Moreover, MDRT members are recognized as skilled professionals.
They are said to be one among the best in the industry.
They, however, perform outstanding client service and have achieved the highest standard of sales excellence in the life insurance and financial services business.
On the other hand, less than 1% of the world's life insurance and financial services advisors become eligible to be a part of MDRT.
Earlier, State Bank of India (SBI) Life Insurance registered a net profit at Rs 276 crore in financial year 2010.
The company had set a new milestone by crossing Rs 10,000 crore landmark figure in Gross Written Premium (GWP) during 2010 fiscal, the company said in a statement.
Moreover, the company's Asset under Management (AUM) rose by 96 per cent to Rs 28,551 crore while the New Business Annualised Premium Equivalent (APE) jumped by 37 per cent to Rs 6,358 crore.
With a solvency ratio of 2.2 and share capital of Rs 1,000 crore, SBI Life is one of the most capital-efficient life insurance companies in the industry.
It also said that the company continues to maintain the lowest expense to GWP ratio in industry of 6.5 per cent.
Besides this, the bancassurance had witnessed a growth of 59 per cent and contributed to over 33 per cent of the total premium and Group Corporate contributed to 22 per cent of total premium.
The unit-linked product inflows contributed to almost 65 per cent of total premium collections.
Meanwhile, among the 22 private life insurers in India, the company which emerged as the biggest player by first year premium collection was SBI Life which collected Rs 7,041 cr. as first year premium in the last financial year 2009-10 as against collection of first year premium of Rs 5,386 cr. in the financial year before that, in 2008-09, registering a growth of more than 30 percent. SBI Life sold 13.6 lakh policies in the financial year 2009-10.
Meanwhile, SBI Life Insurance has received approval from Insurance Regulatory and Development Authority (IRDA) to sell some of its commercial line products.
The company has already sold some policies to companies in Mumbai.
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