SBI Life Insurance recorded a 45 per cent growth in net profit for the first quarter ended June 30 of fiscal year 2024, to Rs 381 crore, from Rs 263 crore recorded in the same quarter previous year.
SBI Life said its net premium income increased 19 per cent YoY to Rs 13,104 crore in the June quarter, up from Rs 11,036 crore the previous year.
Individual new business premium increased 18 per cent to Rs 4,060 crore in the first quarter, while overall new business premium increased 11 per cent to Rs 6210 crore, aided by 18 per cent growth in single premium business.
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According to the insurer, the new business premium increased 12 per cent to Rs 780 crore in the quarter due to 5 per cent growth in individual protection business.
According to IRDAI data, industry policy sales declined YoY for each of the three months in the June quarter, despite the central government’s decision to reduce tax breaks on insurance policies beginning in April.
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