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Express Tribune
22-05-2025
- Business
- Express Tribune
Rs146m allocated for Balochistan officers
Amid ongoing law and order situation in Balochistan, the government has expedited the work on implementing "incentive package and policy" for the officers posted in the province and devised a standard operating procedure (SOP) for the allocation of funds. In a recent meeting, the Finance Division briefed the Economic Coordination Committee (ECC) that the prime minister had approved the revised Incentive Package for PAS and PSP officers posted under the Government of Balochistan (GoB) on January 9, last year. Accordingly, the Establishment Division on January 29, 2024 notified the package, which aimed at motivating the PAS and PSP officers from outside Balochistan to be posted in Balochistan by addressing concerns like high cost of living, lack of facilities, support and social isolation. An SOP had been devised in consultation with the Establishment Division to allocate funds for the under the package, the ECC was informed. As per the SOP the Establishment Division would coordinate with the Balochistan government on a bi-annual basis. The SOP stipulated that funds would be surrendered to the consolidated account of the Balochistan government in favour of the Finance Division. The Finance Division would release the funds after obtaining the Technical Supplementary Grant (TSG) from the ECC. Accordingly, the Finance Division surrendered Rs146,413,696 for onward transfer to the Balochistan government in order to meet the demand under the Finance Division's allocation for FY 2024-25. The ECC's approval for the TSG was obtained under Grants, Subsidies & Miscellaneous Expenditures head.
Business Standard
25-04-2025
- Business
- Business Standard
SBI Life Insurance registers New Business Premium of Rs. 35,577 crores for the year ended on 31st March, 2025
PRNewswire Mumbai (Maharashtra) [India], April 25: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 35,577 crores for the year ended on 31st March, 2025 vis-a-vis Rs. 38,238 crores for the year ended March 31, 2024. Regular premium has increased by 11% over previous year ended on 31st March, 2024. Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs. 4,095 crores for the year ended March 31, 2025. Protection Individual new business premium stands at Rs. 793 crores for the year ended March 31, 2025. Individual New Business Premium stands at Rs. 26,360 crores with 11% growth over previous year ended on 31st March, 2024. SBI Life's profit after tax stands at Rs. 2,413 crores for the year ended March 31, 2025 with a growth of 27% over previous year. The company's solvency ratio continues to remain robust at 1.96 as on March 31, 2025 as against the regulatory requirement of 1.50. SBI Life's AUM also continued to grow at 15% to Rs. 4,48,039 crores as on March 31, 2025 from Rs. 3,88,923 crores as on March 31, 2024, with the debt-equity mix of 61:39. 94% of the debt investments are in AAA and Sovereign instruments. The company has a diversified distribution network of 309,034 trained insurance professionals and wide presence with 1,110 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business. Performance for the year ended March 31, 2025 * Private Market leadership in Individual Rated Premium of Rs.19,354 crores with 22.8% market share * Annualized Premium Equivalent (APE) stands at Rs.21,417 crores with growth of 9% * Individual New Business sum assured stands at Rs. 2,76,918 crores with 43% growth * Improvement in 13M & 61M persistency by 63 bps & 528 bps respectively * Value of New Business (VoNB) stands at Rs. 5,954 crores with a growth of 7%. * VoNB Margin stands at 27.8%. * Indian Embedded value (IEV) stands at Rs. 70,250 crores with 21% growth. * Profit After Tax (PAT) stands at Rs.2,413 crores with 27% growth * Operating Return on Embedded Value stands at 20.2% * Assets under Management stands at Rs.4,48,039 crores with 15% growth * Robust Solvency ratio of 1.96 Disclaimer Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities. About SBI Life Insurance SBI Life Insurance ('SBI Life' / 'The Company'), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Serving millions of families across India, SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions. Driven by 'Customer-First' approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike. SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,110 offices, 26,355 employees, a large and productive network of about 240,304 agents, 60 corporate agents and 13 bancassurance partners with more than 41,000 partner branches, 141 brokers and other insurance marketing firms. In addition to doing what's right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally. SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2024-25, the Company touched over 50,000 direct beneficiaries through various CSR interventions. Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion. The AuM is Rs.4,480.4 billion. For more information, please visit our website - and connect with us on Facebook, Twitter, YouTube, Instagram, and LinkedIn. (Numbers & data mentioned above are for the year ended March 31, 2025)
