SBI Life Insurance on Tuesday, reported a 5% year-on-year (YoY) increase in the net profit of Rs 390.89 crore for the June quarter. It had reported a net profit of Rs 371.90 crore during the corresponding April-June period of 2019-20.
The Gross Written Premium (GWP) for the first quarter in the current fiscal year, stood at Rs 7,640 crore, against Rs 6,690 crore in the same period the previous year, a surge of 14%. If the growth of GWP was led by positive renewal premium as new business premiums came down by 3% in the April-June quarter of the current financial year.
Income form Renewal Premium grew by 30% to Rs 4,580 crore and, a fall of 3% in New Business Premium Income of Rs 3,060 crore during the quarter ended in June. Annualised Premium Equivalent (APE) fell by 32% and total protection for new business premium dropped by 33%. The share of total protection for New Business Premium decreased by 9.6% in the end of June 2020 from 13.8% in the same period the previous year.
SBI Life’s AUM increased by 19% to Rs 1.75 lakh crore in the Q1 FY21 from Rs 1.46 lakh crore in the Q1 FY20, with the debt-equity ratio of 76:24 and, 90% of the debt investments are in the Sovereign Instruments and AAA, according to the company. The assets under management raised by 19% to Rs 1.75 trillion by June 30, 2020, from Rs 1.47 lakh crore in the June end of 2019.

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