SBI Life Insurance on Tuesday reported a 5 per cent increase in net profit at Rs 390 crore for the first quarter of the current fiscal.
The private sector life insurer, promoted by the country's largest lender SBI, had posted a net profit of Rs 370 crore during the corresponding April-June period of 2019-20.
The company's gross written premium during Q1 FY21 rose by 14 per cent to Rs 7,640 crore as against Rs 6,690 crore in the same quarter of the preceding fiscal, SBI Life said in a release.
Renewal premium income grew by 30 per cent to Rs 4,580 crore, but there was a fall of 3 per cent in new business premium income at Rs 3,060 crore during the quarter under review.
There was a decline of 29 per cent in individual new business premium, while individual rated premium slipped by 36 per cent.
Besides, annualised premium equivalent (APE-- measure of new business written by a life insurance company) dropped by 32 per cent and total protection new business premium (individual and group) fell by 33 per cent.
The share of total protection new business premium fell to 9.6 per cent as on June 30, 2020 from 13.8 per cent earlier.
SBI Life said it had private market leadership in total new business premium with 23.9 per cent market share as on June 30, 2020.
The assets under management rose by 19 per cent to Rs 1.75 trillion as on June 30, 2020, from Rs 1.47 lakh crore by the end of June 2019.
Solvency ratio as on June 30, 2020 stood at 2.39 as against the regulatory requirement of 1.50, it added.
Incorporated in 2000, SBI Life is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif SA.
Stock of SBI Life closed 3.96 per cent higher at Rs 888.25 apiece on BSE.