SBI Life Insurance’s total income during the September quarter stood at Rs 27,525 crore. It has increased by 8.3 percent as compared to the same quarter of the previous financial year.
SBI Life Insurance Company announced its quarterly results on October 21. The company said that it reported a profit of Rs 376.74 crore for the quarter ended September 30 of FY 23. The company’s profits showed a strong growth of 53 per cent year-on-year.
The company had made a profit of Rs 246.62 crore in the corresponding period of the last financial year.
SBI Life reported net premium income of Rs 16,477 crore for the September quarter. Which is 12.4 percent higher than the year-ago period. Renewal premium income increased by 17.3 per cent to Rs 9,124 crore during the same period.
The life insurance firm posted a profit of Rs 640 crore in the half year ended September 2023, registering a whopping 36.1 per cent growth in profit over the year-ago period. During the same period the company’s net premium income has grown by almost 20 per cent to Rs 27,513 crore.
SBI Life said “Our Annual Premium Equivalent (APE) has grown by 22 per cent to Rs 6,830 crore on a year-on-year basis. While the new business has grown by 53 per cent to Rs 2,120 crore on a year-on-year basis,” SBI Life said. The new trade margin has increased by more than 6 percentage points to 31 per cent in the half year ended September FY23.
New business premium (NBP) grew 27 per cent year-on-year to Rs 13,090 crore in the first half of FY23. This was supported by a strong 33 per cent growth in the single premium business.
SBI Life said its gross written premium rose 21 per cent to Rs 27,970 crore in April-September FY23. The growth is due to 33 per cent increase in single premium and 16 per cent increase in renewal premium.
It has Rs 2.82 lakh crore under Asset Under Management as on FY23 Sept. Whereas FY22 is 16 percent higher than the Rs 2.44 lakh crore held by the company in September.