An ET NOW poll of analysts had anticipated the profit figure at Rs 365 crore. Its net premium income increased 11% YoY to Rs 16,477 crore.
SBI Life’s new business premium income rose 8.1% YoY to Rs 7,500 crore while annualised premium equivalent (APE) was down 1.3% to Rs 3,930 crore.
“The company has maintained its leadership position in Individual Rated Premium of Rs 60.5 billion with 23.7% private market share in H1 FY 23,” SBI Life said in an exchange filing. Its assets under management (AUM) grew by 16% YoY to Rs 2,826.3 billion in Q2 with a debt-equity mix of 71:29.
The insurer’s protection individual new business premium registered a growth of 17% and stood at Rs 434 crore in Q2. Its VoNB Margin increased by 630 bps to 31%.