SBI Life Insurance Company on October 21 said it clocked a strong 53 percent year-on-year growth in profit at Rs 376.74 crore for the quarter ended September 30 of FY23.
The profit in corresponding period last fiscal was Rs 246.62 crore.
Total income during the quarter came in at Rs 27,525 crore, a 8.3 percent growth compared to similar period last fiscal, the company said in its BSE filing.
SBI Life reported net premium income at Rs 16,477 crore for the quarter, growing 12.4 percent over the year-ago period. Renewal premium income grew by 17.3 percent to Rs 9,124 crore during the same period.
In the half year ended September FY23, the life insurance firm has registered a massive 36.1 percent growth in profit at Rs 640 crore compared to the year-ago period, with net premium income rising nearly 20 percent to Rs 27,513 crore in the same period.
"We have registered a 22 percent growth in annual premium equivalent (APE) YoY to Rs 6,830 crore, and 53 percent YoY increase in value of new business to Rs 2,120 crore with value of new business margin rising by more than 6 percentage points to 31 percent in half year ended September FY23," SBI Life said.
The new business premium (NBP) grew by 27 percent YoY to Rs 13,090 crore in first half of FY23 driven by strong growth in single premium business by 33 percent, it added.
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SBI Life said its gross written premium rose by 21 percent to Rs 27,970 crore in April-September FY23, mainly due to 33 percent growth in single premium and 16 percent growth in renewal premium.
It has assets under management at Rs 2.82 lakh crore as of September FY23, up 16 percent over Rs 2.44 lakh crore in September FY22.
SBI Life recorded strong growth in its 49th month and 61st month persistency in first half of FY23 by 276 bps to 70.28 percent and 363 bps to 52.45 percent respectively due to its focus on improving the quality of business and customer retention.
The persistency ratio is the proportion of policyholders who pay their renewal premium.