The private sector SBI Life Insurance, which beat market expectations, reported on Thursday an increase of 26.25% on an annual basis in net profit to
672.15 crore in the fourth quarter last fiscal, from532.38 crore for the same period previous budget.
During the March quarter of FY22, the first-year premium grew by 5.28% on an annual basis to Rs 3853.56 crore, from Rs 3660.29 crore for the corresponding period of FY21, while the renewal premium saw a 14.62% yoy increase to Rs 10.842.5 crore, 45.5 crore, 45.5 crore Rs. according to a stock exchange announcement.
The company’s net profit for the most recent financial year increased by 3.4% on an annual basis to Rs 1,505.99, compared with Rs 1,455.85 for the previous financial year. Its net premium income during FY22 increased by 17.41% on an annual basis to Rs 58,432.29, compared to Rs 49,768.28 during Rs FY21.
The company in a release said that it has achieved private market leadership in individual premium of Rs 12,870 crore with 23.4% private market share under FY22. It has also registered strong growth in individual new corporate premiums by 32% to Rs 16,500 crore under FY22.
“Premium for new companies (NBP) has grown by 23% to Rs 25,460 crore during FY22, driven by strong growth in ordinary premium trades by 25%. The protection premium for new companies has increased by 24% from Rs 2,460 crore during FY21 to “Rs 3,050 crore during FY22 due to 26% on an annual basis growth in individual protection operations to Rs 940 crore and 23% on an annual basis growth in the group protection operations to Rs 2110 crore in FY”, the statement said.
The gross income premium (GWP) increased by 17% to Rs 58,760 crore during FY22, mainly due to a 25% increase in the first-year premium (FYP) and 12% growth in the renewal premium (RP) during the most recent financial year. The insurance company’s value of new business (VoNB) increased by 39% to Rs 3,700 million during the most recent financial year. The VoNB margin increased by 270 points to 25.9% during FY22. An additional reserve of R0 290 crore for the Covid-19 pandemic was held on March 31, 2022.