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KRChoksey Research Report
SBI Life Insurance Company Ltd. reported gross written premium growth of 11.9%, where the new business profit grew 7.7% YoY, and its renewal business grew 14.6% YoY.
For the full year FY22, gross written premium grew 16.9% YoY, led by new business profit growth of 23.4% YoY.
The protection new business profit has increased by 24% YoY in FY22 at Rs 24.6 billion, owing to 26% YoY growth in the individual protection business and 23% YoY growth in the group protection business.
SBI Life's annual premium equivalent for Q4 FY22 stood at Rs 41,300 million, an increase of 4% YoY.
The growth in annual premium equivalent was driven by healthy growth in the non-par and protection segment. The protection and non-par contribution is seeing improvement as per the management's expectations, boosting its valeu of new business margins.
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