30 Oct 2023 , 10:57 AM
In the quarter that ended in September 2023, SBI Life’s net profit increased slightly by 0.8% to Rs 380 crore from Rs 377 crore in the same time the previous year.
The net premium income for the second quarter of the year was Rs 20,050 crore, a 22% YoY increase. In the same quarter of the prior year, it was Rs 16,477 crore.
Individual new business premiums for the insurer increased significantly in the first half of the current fiscal year, rising by 20% to Rs 10,170 crore. In the same period, single premium business expanded by 28%, contributing to a 24% increase in new business premium (NBP) to Rs 16,260 crore.
In H1FY24, the protection new business premium increased by 25% to Rs 2,000 crore as a result of a 34% increase in group protection business.
The first quarter’s Gross Written Premium (GWP) increased 21% to Rs 33,730 crore, mostly as a result of increases in single premiums of 28% and renewal premiums of 17%.
Value of New Business (VoNB), a measure of a life insurance company’s profitability, increased by 12% in the first half to Rs 2,360 crore.
The reporting half-year’s annualized premium equivalent (APE) increased by 21% to Rs 8260 crore, while the APE for protection increased by 39% to Rs 1070 crore.
SBI Life’s focus on enhancing the quality of business and client retention has led to substantial growth in the 49th and 61st month persistency in H1FY24, by 92 bps and 509 bps, respectively.
As of September 2023, the solvency ratio was 2.12, compared to the 1.50 legal threshold.
As of September 2023, its assets under management (AUM) increased by 22% to Rs 3.45 lakh crore, with a debt-to-equity ratio of 68:32. Sovereign and AAA-rated securities comprise more than 95% of the debt investments.
In addition to having 1,011 locations nationwide, the company has a distribution network of 3,05,320 skilled insurance professionals, including agents, CIFs, and SPs.
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