SBI Life Insurance Company grew 3.91% to Rs 872.50 after the insurer declared its Q2 figures. New Business Premium (NBP) jumped 40% to Rs 7,820 crore in the first half of the year ending March 2020 (H1 FY2020) over Rs 5,570 in H1 FY2019.
The insurer said that it gained a leadership position in Individual NBP amongst private life insurers with a growth of 30% and market share of 22.3%. Renewal Premium (RP) soared 33% to Rs 9,120 crore in H1 FY2020 compared with Rs 6,870 in H1 FY2019.
The Gross Written Premium (GWP) surged 36% to Rs 16,940 in H1 FY2020 as against Rs 12,440 in H1 FY2019. The operating expense ratio fell to 6.5% in H1 FY2020 over 7.8% in H1 FY2019.
Using the effective tax rate system, the Indian Embedded Value (IEV) jumped 24% to Rs 26,150 in in H1 FY2020 as against Rs 21,170 in H1 FY2019. The Value of New Business (VoNB) grew 33% to Rs 940 crore in H1 FY2020 compared with Rs 710 crore in H1 FY2019. The New Business (VoNB) margin improved to 20.2% in H1 FY2020 over 19.2% in H1 FY2019.
