SBI Life Insurance Apr-Jun PAT up 36% on year as premiums rise
This story was originally published at 19:43 IST on 24 July 2024
Register to read our real-time news.Informist, Wednesday, Jul 24, 2024
--SBI Life Apr-Jun net profit 5.20 bln rupees
--SBI Life Apr-Jun net premium income 151.05 bln rupees
--SBI Life Apr-Jun net profit 5.20 bln rupees vs 3.81 bln
--SBI Life Apr-Jun net premium income 151.05 bln rupees vs 131.04 bln
--SBI Life 13th month persistency at 83.61% Jun 30 vs 85.76% a qtr ago
--SBI Life solvency ratio at 2.01 times as on Jun 30
By Kshipra Petkar
MUMBAI – SBI Life Insurance Co Ltd's net profit for the quarter ended June rose 36% on year to 5.2 bln rupees. The rise in profit was aided by a rise in the gross written premium.
The gross written premium rose 15% on year to 155.7 bln rupees, mainly led by the individual new business premiums. Individual new business premium was up 17% on year at 47.5 bln rupees and the annualised premium equivalent was up 20% on year at 36.4 bln rupees.
In the annualised premium equivalent channel mix for the quarter under review, the bancassurance channel was 59%, while the agency channel was at 30%, and other channels comprised 11%.
The insurance company has also increased its share in the unit-linked insurance plans to 61% from 53% a year ago. The share of participating products and non-participating products fell to 4% and 35% from 7% and 40%, respectively, a year ago.
The net premium income of the company was 151.1 bln rupees in the reporting quarter. The new business premiums rose 13% on year to 70.3 bln rupees in Apr-Jun. New business premium is the insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder.
The value of new business rose 12% to 9.7 bln rupees for the quarter under review. The value of new business margin was at 26.8% as on Jun 30. The assets under management of the life insurance company were up 26% on year at 4.15 trln rupees as on Jun 30. The debt-to-equity ratio was at 62:38. "Over 95% of the debt investments are in AAA and Sovereign instruments," the life insurer said in a press release.
The life insurance company reported a solvency ratio of 2.01 times as on Jun 30, as against the regulatory requirement of 1.50, which shows the strong financial position of the company. For the company, 13th month persistency was at 83.61% as on Jun 30 against 85.76% on Mar 31.
The company announced its results for Apr-Jun post market hours. On the National Stock Exchange, the shares of SBI Life Insurance Co closed 2.4% higher at 1,632.95 rupees today. End
Edited by Aditya Sakorkar
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
