SBI Life Insurance has reported a 49 percent increase in its value of the new business (VoNB) to Rs 330 crore in the first quarter of FY19-20 as compared to the same period in the previous year. With an effective tax rate, VoNB increased to Rs 370 crore while the VoNB margin edged up 90 basis point to 17.9 percent.
At the same time, profit after tax increased by 5 percent to Rs 370 crore in Q1 FY20 from Rs 350 crore in Q1 of previous fiscal. The net worth increased by 16 percent to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19.
The new business premium of SBI Life increased by 52 percent from Rs 2,080 crore to Rs 3,150 crore. Renewal premium went up by 52 percent to reach Rs 3,540 crore. Individual rated premiums jumped 35 percent from Rs 1,210 crore to Rs 1,620 crore while individual new business premiums increased 41 percent from Rs 1,330 crore to Rs 1,870 crore.
The assets under management grew by 22 percent to Rs 146,950 crore as on June 30 this year from Rs 120,280 crore a year ago with a debt-equity mix of 77:23. About 90 percent of the debt investments are in AAA and sovereign instruments, the company said in a statement.
SBI Life has 1.7 lakh trained professionals in 922 offices across the country. The company is a joint venture between State Bank of India and global insurance major BNP Paribas Cardif.
News Source: Economic Times, Url: https://bit.ly/318l1g3