The Business Bytes
TBB BUREAU
MUMBAI, JULY 29, 2022
Private sector insurer SBI Life on Thursday reported a 17.78 per cent year-on-year (YoY) rise in net profit at Rs 262.85 crore for the April–June quarter (Q1) of 2022-23 (FY23) compared with Rs 223.16 crore in the corresponding quarter last year.
Gross written premium (GWP) — the sum of new business premium and renewal premium — was up 35 per cent YoY to Rs 11,350 crore in Q1FY23, mainly due to 83 per cent growth in first-year premium (FYP) and 14 per cent growth in renewal premium.
New business premium (NBP) grew 67 per cent to roughly Rs 5,590 crore in the June quarter, driven by strong growth. Protection NBP increased 63 per cent to Rs 700 crore from Rs 430 crore YoY, thanks to 55 per cent growth in individual protection business at Rs 200 crore and 66 per cent growth in group protection business at Rs 500 crore.
The annualised premium equivalent (APE) was up 80 per cent YoY to Rs 2,900 crore. Value of new business (VNB) was up 130 per cent YoY to Rs 882 crore in Q1FY23, compared with Rs 380 crore in the corresponding period.
The company said it maintained its leadership position in individual rated premium of Rs 2,580 crore, with 24 per cent private market share in June quarter.
SBI Life’s AUM also continued to grow at 13 per cent to Rs.2,62,349 crore as on June 30, 2022 from Rs.2,31,559 crore as on June 30, 2021, with the debt-equity mix of 73:27. Over 97 per cent of the debt investments are in AAA and Sovereign instruments.
The company has a diversified distribution network of 2,22,957 trained insurance professionals and wide presence with 970 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business.
