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SBI Life Insurance Company Ltd reports Rs 223 16 crores PAT in Q1FY22
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On a consolidated basis, ICICI Prudential Life Insurance Company net profit tanked 65% to Rs 62.51 crore on 364.6% surge in total income to Rs 19,898.29 crore in Q4 FY21 over Q4 FY20.
On a standalone basis, the net profit tumbled 64.5% to Rs 63.78 crore on 364.5% surge in total income to Rs 19,897.44 crore in Q4 FY21 over Q4 FY20. The company s net premium income increased by 13.40% to Rs 11,879.28 crore in Q4 FY21 over Rs 10,475.12 crore in Q3 FY20.
New business Annualised Premium Equivalent (APE) grew 27% Y-o-Y (year-on-year) in Q4 FY2021 to Rs 2,509 crore, on the back of 108% Y-o-Y growth in March 2021 to Rs 1,101 crore.
New business sum assured jumped 22.1% Y-o-Y to Rs 2,05,184 crore in Q4 FY2021 along with an expansion in new business premium by 22.9% to Rs 5,133 crore in the same period. The company was able to strengthen its position as the private sector market leader in terms of new business sum assured, with a market share of 13% in 11M FY2021, rising 11.8% from FY2020.
Shares of SBI Life Insurance gained 4 per cent to hit a 52-week high of Rs 965 on the BSE in intra-day trade on Tuesday after reporting impressive growth (more than 60 per cent) in new business premiums (NBP) in the month of February. NBP is the premium acquired from new policies for a particular year. The stock surpassed its previous high of Rs 954.65, touched on January 8, 2021. It hit a record high of Rs 1,030 on October 30, 2019.
February 2021 saw life insurers recording impressive 21 per cent growth in NBP to Rs 22,425 crore, compared with Rs 18,533 crore in the same period, a year ago. Life Insurance Corporation of India (LIC) recorded 24 per cent growth in NBP to Rs 12,921 crore, compared with Rs 10,405 crore. Private insurers, on the other hand, saw their NBP growing 16 per cent in February to Rs 9,505 crore, compared with Rs 8,129 crore YoY.
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