SBI Life Insurance recently announced that its net profit grew by 13% YoY to touch Rs.354.31 crore during the quarter that ended in June. The company has accredited this rise in profit to an increase in its protection business. The net profit of the company for the corresponding period in the previous financial year was Rs.313.45 crore.
SBI Life’s value of new business margin (VoNB) also increased to 17% during the quarter that ended in June 2018. The insurer’s new business premium for the period under review increased by a total of 15.3% YoY to touch RS.2,080 crore, while the renewal premium for the same period increased by a total of 35% to touch Rs.2,680 crore.
The annualised premium equivalent witnessed only a moderate growth of 2.3% YoY to Rs.1,310 crore. The insurance company’s 13-month persistency increased to 83.67% during the April-June quarter, in comparison to a 13-month persistency of 81.97% that was reported for the same period in the previous fiscal.
SBI Life Insurance’s total protection new business premium increased by 107.3% during the period under review, while the new business premium for the individual protection business increased by 57.5%, in comparison to Q1FY18. The new business premium for the insurer’s total protection business increased to 10.2% during the April-June quarter of FY19, from 5.7% in Q1FY18.
SBI Life Insurance, which was formed in a joint venture between the State Bank Group and BNP Paribas, is a renowned life insurance company in India. The insurer offers a range of individual and group life insurance products as part of its product portfolio.
Source: Money Control, The Economic Times