A high jump of profit stick to SBI Life’s March Quarter Net Profit by 26%

SBI Life Insurance on Thursday reported a 26.3 per cent rise in its net profit at ₹ 672 crore for quarter ended March 2022.

The life insurer had posted a net profit of ₹ 532 crore in the year-ago quarter.

Total income of the company during the January-March quarter of 2021-22 rose to ₹ 21,427.88 crore, from ₹ 20,896.70 crore in the same period of 2020-21, SBI Life said in a regulatory filing.

Net premium income in the fourth quarter of 2021-22 stood at ₹ 17,433.77 crore, up by 12.07 per cent from ₹ 15,555.74 crore in the year-ago period.

For the full year 2021-22, the company’s net profit grew to ₹ 1,506 crore, as against ₹ 1,456 crore in 2020-21. Income during the year rose to ₹ 83,027.20 crore from ₹ 82,084.89 crore a year ago.

SBI Life said it registered a growth of 39 per cent in the value of new business (VoNB) to ₹ 3,700 crore in FY22.

The insurer said it maintained private market leadership in individual rated premiums of ₹ 12,870 crore, with 23.4 per cent share.

There was strong growth in individual new business premium of 32 per cent to ₹ 16,500 crore in 2021-22 and strong growth in protection of new business premium of 24 per cent to ₹ 3,050 crore.

New business premium (NBP) is the insurance premium due in the first policy year.

The company’s 13th month persistency ratio stands at 85.18 per cent, it added. Persistency ratio reflects the number of policyholders who paid their renewal premium.