SBI Life Insurance net profit up 5%

SBI Life Insurance reported a 5.1 per cent jump in net profit at Rs. 390.89 crore in the first quarter of FY21 against Rs. 371.90 crore a year ago. Its net premium income increased by 14 per cent in the quarter ended June 30 to Rs. 7,588.09 crore when compared to Rs. 6,655.02 crore in the same period a year ago. “Increase in gross written premium by 14 per cent to Rs. 7,640 crore in the first quarter of the fiscal was mainly due to strong growth in renewal premium by 30 per cent to Rs. 4,580 crore in the first quarter of the fiscal,” it said in a statement.
It also noted that it has achieved market leadership in total new business premium at Rs. 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 Rs. 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 30 was at 2.39 against the regulatory requirement of 1.50.