New Delhi, 28 October (H.S.): SBI Life Insurance, one of India’s leading life insurance companies, reported a strong financial performance for the period ended September 30, with its profit after tax (PAT) rising 17 per cent to Rs. 1,274 crore, compared with Rs. 1,089 crore in the corresponding period last year. The company’s new business premium also increased to Rs. 20,259 crore from Rs. 18,349 crore in the year-ago period.

In a statement, the company said regular premiums registered year-on-year growth of 21 per cent. Its protection insurance business also recorded significant growth, with protection new business premium rising 46 per cent to Rs. 3,235 crore. Individual protection new business premium increased 20 per cent to Rs. 446 crore, while individual new business premium grew 13 per cent to Rs. 13,732 crore.

SBI Life Insurance said its annualised premium equivalent (APE) increased 18 per cent to Rs. 11,746 crore. The value of new business (VNB) rose 19 per cent to Rs. 3,274 crore, while the VNB margin stood at 27.9 per cent. The company’s Indian embedded value also increased 15 per cent to Rs. 87,349 crore.

According to the company, assets under management (AUM) grew 9 per cent to Rs. 5,27,120 crore as of September 30. Its solvency ratio stood at 1.97, comfortably above the regulatory requirement of 1.50. Around 94 per cent of the company’s debt investments were allocated to AAA-rated instruments and investments such as government securities.

SBI Life Insurance has a nationwide presence through 1,244 offices and a distribution network comprising 3,94,574 trained insurance professionals. The company continues to expand its customer reach through multiple distribution channels, including bancassurance, agency networks and digital platforms.

The company’s performance reflects the expansion of its insurance business and growing demand for protection products.

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Hindusthan Samachar / Jun Sarkar