SBI Life Insurance on Tuesday posted a 15.85% year-on-year (YoY) rise in net profit at Rs 530.67 crore for the quarter ended March 31. The figure stood at Rs 457.98 crore in the corresponding quarter last year. SBI Life reported an 8% growth in pre-tax profit for the March 2020 quarter to Rs 522 crore, compared to Rs 482 crore in the same period last financial year. Net premium income of the life insurer increased 4.67% YoY to Rs 11,862.98 crore. Annualised premium equivalent or APE (a common sales measure for life insurers) declined by about 13% year-on-year (YoY) to Rs 2,690 crore (11% up to Rs 10,740 crore for FY20). The insurers' gross written premium during the quarter was entirely driven by renewal premium, which rose 15% YoY. New business premium (NBP) fell 12% YoY. For FY20, NBP jumped 20% to Rs 16,590 crore. Gross written premium is a summation of renewal premium and new business premium. The firm has provided an additional reserve of Rs 60 crore, on account of the pandemic, over and above the policy-level liabilities. It will continue to monitor future developments relating to Covid-19. For the financial year ended March 31, profit after tax of the company increased 7% YoY to Rs 1,420 crore. The solvency ratio stood at 1.95 against the regulatory requirement of 1.50. "During the year, the company has classified its investment in Dewan Housing Finance bonds as NPA on account of default in interest and principal repayment of nonconvertible debenture (NCDs). The company has made 100% NPA provision of Rs 53 crore on the said bonds in unit-linked portfolio," SBI Life said in a release. The net worth of the company increased by 15% to Rs 8,740 crore in FY20 from Rs 7,580 crore last year.
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