SBI Life profit nearly flat in Q4, net premium income jumps to Rs 15,556 cr

SBI Life Insurance Company on Monday reported a flat net profit at Rs 532 crore for the March 2021 quarter.

The life insurer had posted a net profit of Rs 531 crore in the corresponding quarter of the previous financial year 2019-20.

Total income in January-March 2021 jumped multi-fold to Rs 20,897 crore, compared with Rs 5,675 crore in year-ago period, SBI Life said in a regulatory filing.

Net premium income jumped to Rs 15,556 crore, from Rs 11,863 crore a year ago.

For full year, the company's net profit rose 2 per cent to Rs 1,456 crore in 2020-21, against Rs 1,422 crore in 2019-20.

Income during the year soared to Rs 82,085 crore, from Rs 43,843 crore a year earlier.

Net premium income in the fiscal rose to Rs 49,768 crore as against Rs 40,324 crore, while the single premium income increased to Rs 10,286 crore from Rs 6,764 crore.

The company's new business premium in 2020-21 rose to Rs 20,624 crore, up by 24 per cent as against Rs 16,592 crore. Single premium has increased by 52 per cent over the corresponding year, the insurer said.

Value of new business registered 16 per cent growth in FY21 to Rs 2,334 crore.

The company said its gross written premium has crossed the Rs 50,000 crore (Rs 500 billion) mark.

"The increase in gross written premium is mainly due to strong growth in renewal premium by 23 per cent to Rs 29,630 crore in FY2021 from Rs 24,040 crore in FY20," it said.

The assets under management showed a rise of 38 per cent to Rs 2,20,871 crore as of March 31, 2021.

SBI Life said it has declared an interim dividend of Rs 2.5 per share with a strong solvency ratio of 2.15.

Shares of SBI Life on Monday closed 3.36 per cent higher at Rs 959.45 apiece on the BSE.