SBI Life Insurance's value of new business jumps 49 per cent to Rs 370 crore in Q1
- IBEF
- July 25, 2019
SBI Life Insurance has stated 49 per cent rise in its value of new business (VoNB) to Rs 330 crore (US$ 45.87 million) in the first quarter of FY19-20 as compared to the same period in previous year.
VoNB increased to Rs 370 crore while the VoNB margin edged up 90 basis point to 17.9 per cent.
At the same time, profit after tax rose by 5 per cent to Rs 370 crore (US$ 51.43 million) in Q1 FY20 from Rs 350 crore (US$ 48.65 million) in Q1 of previous fiscal. The net worth grew by 16 per cent to Rs 7,940 crore (US$ 1.10 billion) from Rs 6,820 crore (US$ 437.85 million). in Q1 FY19.
The new business premium of SBI Life expanded by 52 per cent from Rs 2,080 crore (US$ 289.12 million) to Rs 3,150 crore (US$ 437.85 million). Renewal premium went higher by 52 per cent to reach Rs 3,540 crore (US$ 947.98 million).
Individual rated premiums leapt 35 per cent from Rs 1,210 crore (US$ 168.19 million) to Rs 1,620 crore (US$ 225.18 million) while individual new business premiums increased 41 per cent from Rs 1,330 crore (US$ 184.87 million) to Rs 1,870 crore (US$ 259.93 million).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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