SBI Life Insurance on July 24 reported a net profit of Rs 519 crore for the June quarter, up 36 percent from the year-ago period. The annualized premium equivalent (APE) of the insurer stood at Rs 36,400 crore, a year on year growth of percent. Value of New Business (VoNB) of the insurer for the reporting quarter was at Rs 970 crore, 12 percent growth and VNB margin was 26.8 percent.
The solvency ratio dipped to 2.01 percent versus 2.15 percent last year.
The gross written premium of the insurer grew percent YoY and stood at Rs 15,570 crore compared to Rs 13,560 crore.
The insurer recorded strong growth in 49th month and 61st month persistency in the quarter by 259 bps and 229 bps respectively
due to our focus on improving the quality of business and customer retention.
Shares of the insurer closed for trading on July 24 at Rs 1,630.95, up 2.10 percent.
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