SBI Life Insurance reported a 5.1 per cent jump in net profit at ₹390.89 crore in the first quarter of of FY21 against ₹371.90 crore a year ago.
Its net premium income increased by 14 per cent in the quarter ended June 30to ₹7,588.09 crore when compared to ₹6,655.02 crore in the same period a year ago.
“Increase in gross written premium by 14 per cent to ₹7,640 crore in the first quarter of the fiscal was mainly due to strong growth in renewal premium by 30 per cent to ₹4,580 crore in the first quarter of the fiscal,” it said in a statement on Tuesday.
It also noted that it has achieved market leadership in total new business premium at ₹3,060 crore, with 23.9 per cent private market share in the first quarter of the fiscal.
The value of new business decreased by 29 per cent to ₹240 crore in the April to June quarter 2020.
Its 13th month persistency stood at 81.55 per cent in the first quarter this fiscal when compared to 84.46 per cent a year ago.
The solvency ratio as on June 30was at 2.39 against the regulatory requirement of 1.50, the insurer said.
It also reported a 19 per cent increase in assets under management at ₹1,75,300 crore as on June 30with debt-equity mix of 76:24.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.