SBI Life Insurance posted a net profit of ₹640 crore for H1 FY23, up 36 per cent year-on-year, led by a 21 per cent increase in gross written premium at ₹27,970 crore.
Value of new business, a measure of underwriting profitability, rose 53 per cent y-o-y to ₹2,120 crore for the six-month period ended September. Value of new business margin improved to 31 per cent from 25 per cent a year ago.
Individual new business premium saw a growth of 31 per cent, whereas new business premium grew by 27 per cent, driven by strong growth in single premium business by 33 per cent, the company said.
Protection new business premium was also up 32 per cent, due to growth in individual protection business by 17 per cent and in group protection business by 38 per cent.
APE (annualised premium equivalent) was 22 per cent higher at ₹6,830 crore in H1 FY23.
The insurer maintained its leadership position in individual rated premium of ₹6,050 crore with 24 per cent market share in H1 FY23.
13th month persistency ratio, a measure of customer stickiness, improved to 88.4 per cent in H1FY23 from 87.7 per cent a year ago.
Assets under management of the company rose 16 per cent on year to ₹2.8-lakh crore as of September 30, with debt-equity mix of 71:29. Solvency ratio of the company was at 2.19 times.