The insurer posted a net profit of ₹725 crore for the April-June quarter, compared with ₹594 crore in the corresponding period last year.
Net premium income rose nearly 17% year-on-year to ₹20,078 crore, reflecting healthy growth in both new policy sales and renewals.
First-year premiums from new policies increased 40% from a year ago, while renewal premiums rose 17.4%, indicating continued traction in new business as well as persistency in existing policies.
The performance comes at a time when analysts had expected healthy new business growth for SBI Life, supported by the company’s focus on higher-margin products. Improving equity markets during the quarter were also seen as supporting demand for market-linked insurance products such as ULIPs.
SBI Life’s results are broadly in line with expectations for the life insurance sector, where insurers have been focusing on improving product mix while sustaining premium growth.
