SBI Life Insurance Q1 results: Net profit rises 45% to Rs 380 crore

New Business Premium (NBP) has grown by 11% to Rs 6210 crore in Q1 FY 24 aided by growth in single premium business by 18%

SBI Life Insurance on Tuesday reported a 45 per cent increase in its net profit for the quarter ended June to Rs 380 crore, thanks to 28 per cent growth in renewal premium to Rs 7,350 crore. 

Gross written premium grew by 19 per cent to Rs 13,560 crore  year-on-year (YoY) in Q1, particularly due to 18 per cent growth in single premium and 28 per cent rise in renewal premium,” it said. New business premium grew 11 per cent to Rs 6,210 crore YoY in Q1, aided by an 18 per cent rise in single premium business. 

The individual new business premium grew 18 per cent to Rs 4,060 crore in Q1. The value of new business margin for the quarter stood at 28.8 per cent. “Strong growth in 37th month and 61st month persistency in Q1 FY 24 by 262 bps and 645 bps respectively due to our focus on improving the quality of business and customer retention,” SBI Life said. 

Asset under management grew by 25 per cent from Rs 2.62 trillion as on June 30, 2022 to Rs 3.28 trillion as on June 30, 2023 with debt-equity mix of 69:31. “Over 94 per cent of the debt investments are in AAA and Sovereign instruments,” the statement said.