SBI Life Insurance Company on July 25 reported a net profit of Rs 381.04 crore for the April-June quarter of FY24, up by 45 percent from Rs 263 crore recorded in the year-ago period.
The net premium income of the insurer came in at Rs 13,104.09 crore, up 19 percent from Rs 11,036.02 crore in the year-ago period.
SBI Life was estimated to report a revenue of Rs 19,067.7 crore and net profit of Rs 347.3 crore, according to Bloomberg estimates.
SBI Life Insurance added that its individual rated premium has grown to Rs 2,670 crore with 23 percent private market share in Q1FY24.
Individual new business premium was up by 18 percent to Rs 4,060 crore in the quarter under review.
New business premium (NBP) has grown by 11 percent to Rs 6,210 crore in Q1 FY24 aided by growth in single premium business by 18 percent.
Protection new business premium has increased by 12 percent from Rs 700 crore in Q1 FY 23 to Rs 780 crore in Q1 FY 24 due to growth in individual protection business by 5 percent to Rs 210 crore and growth in group protection business by 15 percent to Rs 570 crore in Q1 FY 24.
Gross written premium (GWP) has grown by 19 percent to Rs 13560 crore in Q1 FY 24 mainly due to 18 percent growth in single premium (SP) and 28 percent growth in renewal premium (RP) in Q1 FY 24.
Meanwhile, shares of SBI Life closed nearly 1.3 percent down at Rs 1300.50 apiece on BSE today (July 25).
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