SBI Life Insurance (SBI Life) on Thursday reported a 26.3 per cent rise in its web revenue at Rs 672 crore for quarter ended March 2022.
The life insurer had posted a web revenue of Rs 532 crore within the year-ago quarter.
Total revenue of the corporate through the January-March quarter of 2021-22 rose to Rs 21,427.88 crore, from Rs 20,896.70 crore in the identical interval of 2020-21, SBI Life mentioned in a regulatory submitting.
Net premium revenue in Q4FY22 stood at Rs 17,433.77 crore, up by 12.07 per cent from Rs 15,555.74 crore within the year-ago interval.
For the total yr 2021-22, the corporate’s web revenue grew to Rs 1,506 crore, as in opposition to Rs 1,456 crore in 2020-21. Income through the yr rose to Rs 83,027.20 crore from Rs 82,084.89 crore a yr in the past.
SBI Life mentioned it registered a progress of 39 per cent within the worth of latest enterprise (VoNB) to Rs 3,700 crore in FY22.
VoNB is the current worth of anticipated future earnings from new insurance policies written throughout a specified interval. It displays the extra worth anticipated to be generated by writing of latest insurance policies throughout a specified interval.
The insurer mentioned it maintained non-public market management in particular person rated premiums of Rs 12,870 crore, with 23.4 per cent share.
There was sturdy progress in particular person new enterprise premium of 32 per cent to Rs 16,500 crore in 2021-22 and robust progress in safety of latest enterprise premium of 24 per cent to Rs 3,050 crore.
New enterprise premium (NBP) is the insurance coverage premium due within the first coverage yr.
The firm’s thirteenth month persistency ratio stands at 85.18 per cent, it added. Persistency ratio displays the variety of policyholders who paid their renewal premium.
Assets beneath administration (AUM) grew by 21 per cent to Rs 2.7 lakh crore as of March 31, 2022, SBI Life mentioned.
SBI Life scrip closed at Rs 1,116.55 apiece on BSE, up by 3.99 per cent from earlier shut.
Source: www.financialexpress.com”