SUD Life reported an 80 % jump in its new business premium income to Rs 1,309 crore for the quarter ended December 2021.
The insurer honoured around Rs 550 crore worth of gross claims during nine months to December 2021, compared with Rs 157 crore in the year-ago period.
It witnessed a 29 % rise in renewal premiums to Rs 1,536 crore, compared with Rs 1,193.4 crore during this period and witnessed a further improvement in the 13th-month persistency.
The company’s 13th-month persistency ratio now stands at 78.77 %, compared with 76.34 %. The solvency as of December 31, 2021, stood at 1.86 times.
“The recent Economic Survey shows that the economy has been responsive with the gradual receding of COVID-19, coupled with a robust vaccination drive including children.
“Increasing interest about insurance among people towards securing life’s certainties is also aiding growth,” SUD Life Managing Director and CEO Abhay Tewari said.
In the nine months ended December 2021, assets under management (AUM) grew to Rs 14,377 crore from Rs 11,408 crore, registering a growth of 26 % on the year.
“We continued to deliver consistent and robust retail EPI (estimated premium income) growth of 60 % in 9MFY22, whereas the industry grew 20 %, with the private sector witnessing a growth of 30 % while maintaining a balanced and profitable product mix catering to customer needs,” he said.
