Beating market expectations, non-public sector SBI Life Insurance on Thursday reported a 26.25% year-on-year rise in its internet revenue to 672.15 crore within the fourth quarter final fiscal, from
532.38 crore for a similar interval earlier fiscal.
During the March quarter of FY22, first yr premium grew 5.28% y-o-y to Rs 3853.56 crore, from Rs 3660.29 crore for the corresponding interval of FY21, whereas renewal premium noticed a 14.62% y-o-y rise to Rs 10,842.52 crore, from Rs ,9459.56 crore, in keeping with a inventory alternate submitting.
The firm’s internet revenue for the final fiscal rose by 3.4% y-o-y at Rs 1505.99 crore, in contrast with Rs 1,455.85 crore for the earlier fiscal. Its internet premium earnings throughout FY22 noticed a 17.41% y-o-y enhance to Rs 58,432.29 crore, in opposition to Rs 49,768.28 crore in FY21.
The firm in a launch mentioned it has achieved non-public market management in particular person rated premium of Rs 12,870 crore with 23.4% non-public market share in FY22. It has additionally registered a robust development in particular person new enterprise 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 assertion mentioned.
Gross written premium (GWP) grew by 17% to Rs 58,760 crore in FY22, primarily as a consequence of 25% development in first yr premium (FYP) and 12% development in renewal premium (RP) within the final monetary yr. The insurance coverage firm’s worth of latest enterprise (VoNB) elevated by 39% to Rs 3,700 crore within the final monetary yr. VoNB margin elevated by 270 foundation factors to 25.9% in FY22. Additional reserve of Rs 290 crore in the direction of Covid-19 pandemic was saved as at March 31, 2022.
Source: www.financialexpress.com”