The company’s net premium income, on the other hand, increased 22% year on year (YoY) to Rs. 20,050 crore.
On October 27, SBI Life’s stock closed at Rs. 1,302.90 per share on the NSE, a 0.21% decrease.
The premium for new business protection has increased by 25%.
The Protection New Business premium at SBI Life stood at Rs. 1,996 crore, representing a 25% increase for the fiscal year ending September 30, 2023.
For the same time period, the Protection Individual New Business premium increased significantly, reaching Rs. 431 crore.
Furthermore, the company’s Individual New Business Premium reached Rs. 10,165 crore, a 20% increase over corresponding period ending September 30, 2022.
The solvency ratio and AUM remain strong.
SBI Life’s solvency ratio remained stable at 2.12 as of September 30, 2023, far exceeding the regulatory requirement of 1.50.
The company’s assets under management (AUM) increased at a 22% annual rate, reaching Rs. 3,45,147 crore on September 30, 2023, up from Rs. 2,82,632 crore on September 30, 2022.
The firm’s debt-equity mix remains consistent at 68:32.