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SBI Life Insurance Company Ltd. reported strong growth on the premium front while controlled cost ratios, sequential decline in actuarial liabilities aided the company to have a healthy surplus and profit after tax.
Premium growth remained healthy at 31% YoY, 13% QoQ to Rs 15,556 crore, led by higher traction in first year premium (up 45% YoY) and single premium (up 97% YoY).
Growth in renewal premium continued to remain healthy at ~16% YoY to Rs 9,459 crore.
New business premium also witnessed a sequential pick-up in growth as it was up 13.8% QoQ, 62% YoY to Rs 6,189 crore, led by traction in individual business at Rs 2,930.
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