Profit before tax slumped nearly 40% to Rs 233.42 crore in Q1 FY22 from Rs 387.68 crore in Q1 FY21. The company made a provision of Rs 10.26 crore during the quarter for taxes. Profitability was impacted after the company said it created additional reserve of Rs 440 crore towards COVID-19 pandemic as of 30 June 2021.

New business premium grew by 9% to Rs 3350 crore in Q1 FY22 over Q1 FY21. Meanwhile, gross written premium rose by 10% to Rs 8380 crore in Q1 FY22 from Rs 7640 crore in Q1 FY21. Value of New Business (VoNB) rose by 45% year on year to Rs 340 crore in Q1 FY22. VoNB margin improved to 21.2% in Q1 FY22 from 18.7% in Q1 FY21.

The 13th month persistency grew to 84.5% in Q1 FY22 from 81.55% in Q1 FY21 while the 61st month persistency fell to 60.88% in Q1 FY22 from 63.14% in Q1 FY21.

The life insurance company's Assets Under Management grew by 32% from Rs 1,75,350 crore as on 30 June 2020 to Rs 231,560 crore as on 30 June 2021 with debt-equity mix of 72:28. Over 90% of the debt investments are in AAA and Sovereign instruments. The company's net worth increased by 14% from Rs 9310 crore as on June 30, 2020 to Rs 10,580 crore as on 30 June 2021. The company reported a strong solvency ratio as on 30 June 2021 of 2.15 as against the regulatory requirement of 1.5.

SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 225,381 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.

Shares of SBI Life Insurance Company ended 2.52% higher at Rs 1,077 on BSE.