Money & Banking

SBI Life Insurance Q1 net profit up 5%

Our Bureau. Mumbai | Updated on July 21, 2020

SBI Life Insurance reported a 5.1 per cent jump in net profit at ₹390.89 crore in the first quarter of of FY21 against ₹371.90 crore a year ago.

Its net premium income increased by 14 per cent in the quarter ended June 30to ₹7,588.09 crore when compared to ₹6,655.02 crore in the same period a year ago.

“Increase in gross written premium by 14 per cent to ₹7,640 crore in the first quarter of the fiscal was mainly due to strong growth in renewal premium by 30 per cent to ₹4,580 crore in the first quarter of the fiscal,” it said in a statement on Tuesday.

It also noted that it has achieved market leadership in total new business premium at ₹3,060 crore, with 23.9 per cent private market share in the first quarter of the fiscal.

The value of new business decreased by 29 per cent to ₹240 crore in the April to June quarter 2020.

Its 13th month persistency stood at 81.55 per cent in the first quarter this fiscal when compared to 84.46 per cent a year ago.

The solvency ratio as on June 30was at 2.39 against the regulatory requirement of 1.50, the insurer said.

It also reported a 19 per cent increase in assets under management at ₹1,75,300 crore as on June 30with debt-equity mix of 76:24.

Published on July 21, 2020

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