SBI Life Insurance Q3FY22 profit up by 13% to Rs 944cr

SBI Life Insurance has registered a 13% year-over-year (YoY) growth in its profit after tax (PAT) for the quarter ended 31 December 2022 at INR 944 crores.

The new business premium of the Indian life insurance company for the reported quarter was INR 21,512 crores, compared to INR 18,791 crores for the three months ended 31 December 2021.

The regular premium of SBI Life Insurance surged by 22% compared to the corresponding quarter of the previous fiscal year.

The Indian insurer’s protection new business premium was INR 2,545 crores for the December 2022 quarter, which is a growth of 25%.

Its protection individual new business premium saw a 12% YoY growth at INR 696 crores for the reported quarter. On the other hand, its individual new business had a 31% YoY growth at INR 15,242 crores.

SBI Life Insurance said that its assets under management (AUM) grew by 17% YoY to INR 2,99,987 crores as on 31 December 2022 from INR 2,56,871 crores as on 31 December 2021.