Mumbai , July 24 : SBI Life Insurance has reported 49 per cent increase in its value of new business (VoNB) to Rs 330 crore in the first quarter of FY19-20 as compared to the same period in previous year.
With an effective tax rate, VoNB increased to Rs 370 crore while the VoNB margin edged up 90 basis point to 17.9 per cent.
At the same time, profit after tax increased by 5 per cent to Rs 370 crore in Q1 FY20 from Rs 350 crore in Q1 of previous fiscal. The net worth increased by 16 per cent to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19.
The new business premium of SBI Life increased by 52 per cent from Rs 2,080 crore to Rs 3,150 crore. Renewal premium went up by 52 per cent to reach Rs 3,540 crore.
Individual rated premiums jumped 35 per cent from Rs 1,210 crore to Rs 1,620 crore while individual new business premiums increased 41 per cent from Rs 1,330 crore to Rs 1,870 crore.
The assets under management grew by 22 per cent to Rs 146,950 crore as on June 30 this year from Rs 120,280 crore a year ago with a debt-equity mix of 7723. About 90 per cent of the debt investments are in AAA and sovereign instruments, the company said in a statement.
SBI Life has 1.7 lakh trained professionals in 922 offices across the country. The company is a joint venture between State Bank of India and global insurance major BNP Paribas Cardif.
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