Private sector insurer SBI Life Insurance on Thursday reported a 17.78% year-on-year increase in its net profit to Rs 262.85 crore for the first quarter of the current fiscal, aided by close to 33% Y-o-Y jump in its net premium income. It has posted a net profit of Rs 223.16 crore in the year-ago period.
For the period under review, its net premium income rose to Rs 11,036.02 crore from Rs 8,312.55 crore in the year-ago period.
During Q1, first year premium grew 82.98% to Rs 2,570.35 crore, while renewal premium rose 14.43% to Rs 5,757.73 crore.
The company maintained its leadership position in individual rated premium of Rs 2,580 crore with a 24% market share. New business premium grew 67% to Rs 5,590 crore during the period, driven by a strong growth in regular premium business by 83%.
Value of new business (VoNB) increased by 130% to Rs 880 crore, while the VoNB margin increased 665 bps to 30.4%.