SBI Life Reports Impressive 45% Growth in Q1 Net Profit at Rs 381 Crore

26 Jul 2023 , 03:51 PM

SBI Life reported a 45% growth in its net profit for the first quarter of FY 2024, reaching Rs 381 crore compared to Rs 263 crore in the same period last year.

The company achieved an 18% growth in individual new business premiums, amounting to Rs 4,060 crore, while the overall new business premium rose by 11% to Rs 6,210 crore, aided by an 18% growth in single premium business.

SBI Life’s protection new business premium also rose by 12% to Rs 780 crore in the quarter, primarily due to a 5% increase in the individual protection business.

The insurance industry faced challenges as policy sales declined year-on-year for each of the three months in the June quarter following the government’s proposal to withdraw tax incentives on insurance policies from April. However, there was a sequential narrowing of the decline.

Amit Jhingran was approved as the new managing director and chief executive officer by SBI Life. SBI Life’s rivals, ICICI Prudential Life Insurance and HDFC Life Insurance, also reported double-digit growth in their Q1 profits earlier in the month.

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