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Insurance
01-Nov-21
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SBI Life Insurance Q2 PAT lower at Rs 246.62 crore
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SBI Life Insurance ltd reported 37.63% increase in total revenues for the Sep-21 quarter on consolidated basis at Rs 25,404 crore. The revenues were higher 61.43% on a sequential basis compared to Rs 15,737 crore in the Jun-21 quarter.
The company reported a strong growth of 14% in net premium income at Rs 14,661 crore while the income from investments was also higher by 91% at Rs 10,734 crore, which actually boosted the top line.
The value of new business (VNB) spiked by 77% while VNB margins were higher 510 bps at 25.3%.
Net profits for the Sep-21 quarter were down -17.72% on yoy basis at Rs 246.62 crore. On a sequential basis, the net profit was up 10.51% compared to the Jun-21 quarter profits of Rs 223.16 crore.
For the quarter, the assets under management grew by 31% to Rs 240,000 crore. New business premium or NBP on protection grew 33% while the 166 bps increase in protection share.
SBI Life had 23.6% market share in the private insurance in individual rate premiums. Its solvency ratio stayed robust at 2.12 with total cost ratio higher at 9.5% in H1.
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