However, the insurer saw net premium income grew by single-digit to Rs11,862.98cr in Q4 up by 4.67yoy from Rs11,333.02 in Q4FY19.
For entire FY20, the insurer's new business premium has shown steady growth of 20% yoy to Rs16,590cr. As for Individual New Business Premium has increased by 17% yoy to Rs11,240cr.
SBI Life has achieved market leadership based on Individual New Business Premium and Individual Rated Premium in FY 2020.
Further, AuM (asset under management) grew by 14% yoy Rs160,360cr in FY20, with debt-equity mix of 79:21. Approximately, 93% of the debt investments are in AAA and Sovereign instruments.
Overall, in the fiscal, SBI Life recorded a net profit of Rs1,422.17cr up by 7.2%.
Its solvency ratio was higher than the regulatory requirement, at 1.95 in FY20. The regulatory requirement is of 1.50.
SBI Life shares finished at Rs715.65 per piece on Sensex during Tuesday's session.