SBI Life Q1 Review - Steady Growth Amid Lockdown; Covid-19 Claims Elevated: ICICI Direct

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ICICI Direct Report

SBI Life Insurance Company Ltd.'s premium growth remained moderate at 10% YoY to Rs 8,313 crore, led by 9.4% YoY traction in new business premium of Rs 3,345 crore.

Growth in renewal premium continued to remain healthy at ~9.8% YoY to Rs 5032 crore, with improvement in 13th month persistency at 84.5%.

In terms of NBP breakup, traction in individual business witnessed healthy pick up at 33% YoY to Rs 1,840 crore, primarily led by ~59% YoY rise in unit linked business.

SBI Life's protection business (individual plus group) continued to report strong growth at Rs 430 crore versus Rs 290 crore YoY.

Proportion of total protection NBP to total NBP was at ~13% in Q1 FY22 versus 9.5% in Q1 FY21.

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