Private sector life insurer SBI Life Insurance on Saturday reported a 16.46% year-on-year fall in its net profit at Rs 304.13 crore for the third quarter this fiscal as it saw a muted growth in net premium income.
The insurer had posted Rs 364.06 crore of net profit for the third quarter last fiscal. Its net premium income rose 6.35% year-on-year at Rs 19,170.80 crore during the October-December period last year compared with Rs 18,025.35 crore in the same period previous year, according to a stock exchange filing.
First year premium during the third quarter this fiscal rose 24.09% year-on-year at Rs 5,055.17 crore as against Rs 4,073.55 crore for the year ago period, while renewal premium during the period increased by 13% year-on-year at Rs 10,908.30 crore from Rs 9,652.89 crore.
Persistency ratio for the 13th month was at 80.53% as against 79.21% in the third quarter last fiscal. Gross written premium (GWP) grew by 15% to Rs 47,300 crore in 9MFY23 (April to December, 2022), mainly due to 22% growth in regular premium (FYP) and 15% growth in renewal premium (RP) during the period, according to the company.
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Value of New Business (VoNB) posted a 44% y-o-y growth at Rs 3630 crore for 9MFY23 compared to Rs 2530 crore for the corresponding period of FY22. New business margin (VoNB margin) grew 48 basis points y-o-y to 29.6% for nine-month period ended December 31, 2022 from 24.8% for the same period a year ago.