SBI Life Insurance net profit jumps 26% in January-March quarter

The 13th month persistency stood at 88.35 per cent in FY22 versus 87.92 per cent in FY21

Private sector insurer SBI Life Insurance reported a 26 per cent jump in net profit in the January-March quarter (Q4FY22), aided by premium growth. The insurer reported a net profit of Rs 672 crore in the quarter compared to Rs 532.38 crore in the year-ago period, beating street estimates.

Its premiums increased by 12 per cent year-on-year (YoY) to Rs 17,434 crore, with the first year premium growing by 5.3 per cent. Renewal and single premium of the insurer grew by 14.6 per cent and 11.2 per cent, respectively, in the same period.

“Premium growth remained in line, while shortfall in other