The life insurer's net premium income increased by 18.74% year on year to Rs 13,104.49 crore in Q1 FY24.

The insurance company reported positive income from investments to Rs 14,578.90 crore in the first quarter as compared with negative income from investments of Rs 6,405.66 crore posted in the same period last year.

New Business Premium (NBP) has grew by 11% to Rs 6,210 crore in Q1 FY24 aided by growth in Single premium business by 18%.

Gross Written Premium (GWP) has grew by 19% to Rs 13,560 crore in Q1 FY24 mainly due to 18% growth in Single Premium (SP) and 28% growth in Renewal Premium (RP) in Q1 FY24.

Asset under management (AuM) grew by 25% from Rs 2,62,350 crore as on June 30, 2022 to Rs 3,28,280 crore as on June 30, 2023 with debt-equity mix of 69:31. Over 94% of the debt investments are in AAA and Sovereign instruments.

SBI Life recorded strong growth in 37th month and 61st month persistency (based on premium considering Regular Premium/ Limited Premium payment under individual category) in Q1 FY 24 by 262 bps and 645 bps respectively due to our focus on improving the quality of business and customer retention.

Meanwhile, the board has approved the appointment of Amit Jhingran as managing director & CEO of the company and the date of his assuming charge as such will be decided and notified subsequent to receipt of necessary regulatory approval.

SBI Life Insurance Company is one of the leading life Insurance companies in India. SBI Life Insurance Company has a strong distribution network of 996 offices, 22,015 employees, a large and productive network of about 222,822 agents, 68 corporate agents and 14 bancassurance partners with more than 39,000 partner branches, 133 brokers and other insurance marketing firms.

The scrip fell 0.63% to Rs 1,292.25 on the BSE.