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SBI Life Insurance recently declared its June 2023 financial results which shows a 45% YoY growth in PAT, from Rs 260 crore to Rs 380 crore. The assets under management also went up from Rs 2.62 lakh crore to Rs 3.28 lakh crore, a 25% annual rise.
Here are the other key highlights.
(Rs in crore)
|
Particulars |
Q1 FY 2024 |
Q1 FY 2023 |
YoY |
|
New Business Premium |
6,210 |
5,590 |
11% |
|
Renewal Premium |
7,350 |
5,760 |
28% |
|
Gross Written Premium |
13,560 |
11,350 |
19% |
|
Operating Expense Ratio |
6.8% |
6.6% |
- |
|
Commission Ratio |
4.0% |
4.6% |
- |
|
Total Cost Ratio |
10.8% |
11.2% |
- |
Notes:
Operating expense ratio = Operating expenses / Gross Written Premium
Commission ratio = Commission (including rewards) / Gross Written Premium
Total cost ratio = (Operating expenses + Commission + Provision for doubtful debt and bad debt written off) / Gross Written Premium
The financial results also disclose that the insurer currently has a distribution network of 289,162 trained insurance professionals consisting of agents, CIFs (Certified Insurance Facilitators) and SPs, spread across 996 offices PAN india.