SBI Life Insurance Q2 profit dips 18% to Rs 247 cr

SBI Life Insurance Company reported its profit after tax at Rs 470 crore for the first half of the fiscal year 2021, a 32 per cent decline from Rs 690 crore in H1 FY20.

For the September quarter, SBI Life reported a 17.71 per cent fall in net profit on year-on-year (YoY) basis at Rs 246.62 crore compared to Rs 299.73 crore during the same quarter last year.

The company's individual annualised premium equivalent (APE) grew 52 per cent. SBI Life Insurance registered a 77 per cent growth in value of new business (VoNB) to 14.2 billion for the September quarter.

The VoNB improved by 510 bps to 25.3 per cent in Q2FY22. The company attained private market leadership in individual rated premium (IRP) of 49.9 bnp with a 23.6 per cent market share.

The company witnessed 33 per cent growth in protection new business premium to Rs 1,210 crore, with a 166 bps increase in protection share. The 13th-month persistency ratio improved by 155 bps to 84.72 per cent.

SBI Life's solvency ratio was registered at 2.12 and assets under management (AuM) grew 31 per cent to Rs 2.4 lakh crore. The SBI Life stock closed at Rs 1,189.95, up Rs 17.90 or 1.53 per cent, on the NSE today.