Beating market expectations, private sector SBI Life Insurance on Thursday reported a 26.25% year-on-year rise in its net profit to 672.15 crore in the fourth quarter last fiscal, from532.38 crore for the same period previous fiscal.
During the March quarter of FY22, first year premium grew 5.28% y-o-y to Rs 3853.56 crore, from Rs 3660.29 crore for the corresponding period of FY21, while renewal premium saw a 14.62% y-o-y rise to Rs 10,842.52 crore, from Rs ,9459.56 crore, according to a stock exchange filing.
The company’s net profit for the last fiscal rose by 3.4% y-o-y at Rs 1505.99 crore, compared with Rs 1,455.85 crore for the previous fiscal. Its net premium income during FY22 saw a 17.41% y-o-y increase to Rs 58,432.29 crore, against Rs 49,768.28 crore in FY21.
The company in a release said it has achieved private market leadership in individual rated premium of Rs 12,870 crore with 23.4% private market share in FY22. It has also registered a strong growth in individual new business premium by 32% to Rs 16,500 crore in FY22.
“New business premium (NBP) has grown by 23% to Rs 25,460 crore in FY22, driven by strong growth in regular premium business by 25%. Protection new business premium has increased by 24% from Rs 2,460 crore in FY21 to Rs 3,050 crore in FY22 due to 26% y-o-y growth in individual protection business to Rs 940 crore and 23% y-o-y growth in group protection business to Rs 2110 crore in FY22,” the statement said.
Gross written premium (GWP) grew by 17% to Rs 58,760 crore in FY22, mainly due to 25% growth in first year premium (FYP) and 12% growth in renewal premium (RP) in the last financial year. The insurance company’s value of new business (VoNB) increased by 39% to Rs 3,700 crore in the last financial year. VoNB margin increased by 270 basis points to 25.9% in FY22. Additional reserve of Rs 290 crore towards Covid-19 pandemic was kept as at March 31, 2022.