SBI Life Insurance has reported 49% 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%. At the same time, profit after tax increased by 5% to Rs 370 crore in Q1 FY20 from Rs 350 crore in Q1 of previous fiscal. The net worth increased by 16% to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19. The new business premium of SBI Life increased by 52% from Rs 2,080 crore to Rs 3,152 crore. Renewal premium went up by 52% to reach Rs 3,540 crore. Individual rated premiums jumped 35% from Rs 1,210 crore to Rs 1,620 crore while individual new business premiums increased 41% from Rs 1,330 crore to Rs 1,870 crore. The assets under management grew by 22% 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 77:23. About 90% 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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