SBI Life Insurance registered a 26.3 per cent increase in its net profit for the fourth quarter of the fiscal 2021-22 led by robust growth in premiums.
For the quarter ended March 31, 2022, its net profit increased to ₹672.15 crore from ₹532.38 crore in the corresponding period in the previous fiscal.
Net premium income grew by 12.1 per cent to ₹17,433.77 crore in the fourth quarter of the fiscal from ₹15,555.74 crore a year ago.
Net benefits paid was lower by 3.7 per cent on a year-on-year basis at ₹7,373.36 crore for the January to March 2022 quarter.
The private sector insurer reported a 3.4 per cent increase in its net profit for the financial year 2021-22 to ₹1,505.99 crore as against ₹1,455.85 crore in 2020-21.
The value of new business (VoNB) increased by 39 per cent to ₹ 3,700 crore for 2021-22 while the VoNB margin increased by 270 basis points to 25.9 per cent in the last fiscal.
The insurer’s 13th month persistency (regular premium/ limited premium payment under individual category) was 85.18 per cent in 2021-22 from 85.39 per cent in 2020-21.
Solvency ratio was lower at 2.05 as on March 31, 2022 compared to 2.15 as on March 31, 2021.
April 28, 2022