SBI Life Insurance's Q1 standalone net profit declines 42.91%; AUM rises 32%

Strong growth in 13th month persistency by 295 bps to 84.50% for Q1 FY 2022 as compared to 81.55% in Q1 FY 2021 due to focus on improving the quality of business and customer retention.

Jul 27, 2021 04:07 IST India Infoline News Service

SBI Life Insurance Company on Monday registered a net profit of Rs223.16cr, which declined 42.91% to Rs223.16cr in the quarter ended June 2021 as against Rs390.89cr during the previous quarter ended June 2020.

The sales rose 9.55% to Rs8312.55cr in the quarter ended June 2021 as against Rs7588.09cr during the previous quarter ended June 2020.

AuM has grown by 32% from Rs1,753.5 billion as of June 30, 2020, to Rs2,315.6 billion as of June 30, 2021, with a debt-equity mix of 72:28. Over 90% of the debt investments are in AAA and Sovereign instruments.

The Company’s net worth increased by 14% from Rs93.1 billion as on June 30, 2020 to Rs105.8 billion as on June 30, 2021. Strong solvency ratio as on June 30, 2021 of 2.15 as against the regulatory requirement of 1.50.

Strong growth in 13th month persistency by 295 bps to 84.50% for Q1 FY 2022 as compared to 81.55% in Q1 FY 2021 due to focus on improving the quality of business and customer retention. Further, 61st month persistency for Q1 FY 2022 stands at 60.88%.

The stock ended at Rs1,105.90 up by Rs28.9 or 2.68% from its previous closing of Rs1,077 on the BSE. The scrip opened at Rs1,095.05 and touched a high and low of Rs1,113 and Rs1,062.85 respectively.

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