SBI Life Insurance Company Ltd is targeting to double total premium income to Rs 6,000 crore during the current financial year, a senior company official said on Tuesday.
Deputy chief executive officer of SBI Life T Paola Dipaolo told reporters that total premium income was Rs 3,000 crore in the last fiscal. Of this, Rs 2,600 crore was new premium income.
To sustain business growth, promoters of SBI Life would infuse Rs 400 crore as capital during the current financial year. The current capital base is Rs 500 crore.
SBI Life is a joint venture between State Bank of India and Societe Generale of France.
Speaking about the credit life business, he said the company is seeking to double business to Rs 500 crore during the current fiscal.
Under the credit life business, SBI Life provides cover for home loans, auto loans, two-wheeler loans, consumer durables and credit cards.
He said that 67 per cent of the company's products were unit linked.
Through the bancassurance route, SBI Life generates 20 per cent of the total premium income.
Meanwhile, SBI Life Q1 profits soared to Rs 4.75 crore as compared to a total profit of Rs 3.88 crore in entire FY06-07.