SBI Life net up 45% on rise in renewal premium

SBI Life Insurance reported a 45 per cent increase in its net profit for the quarter ended June to Rs 380 crore, thanks to 28 per cent growth in renewal premium to Rs 7,350 crore.

Gross written premium grew by 19 per cent to Rs 13,560 crore  year-on-year (YoY) in Q1, particularly due to 18 per cent growth in single premium and 28 per cent rise in renewal premium,” it said. New business premium grew 11 per cent to Rs 6,210 crore YoY in Q1, aided by an 18 per cent rise in single premium business.

The individual new business premium grew 18 per cent to Rs 4,060 crore in Q1. The value of new business margin for the quarter stood at 28.8 per cent. “Strong growth in 37th month and 61st month persistency in Q1 FY 24 by 262 bps and 645 bps respectively due to our focus on improving the quality of business and customer retention,” SBI Life said.