NEW DELHI, JULY 24 : Leading insurance firm SBI Life on Wedneday said its net profit grew 36 percent in the Q1 (April-June) of FY 25 y-o-y basis at Rs 520 crore as against Rs 380 crore achieved in the same quarter of last financial year.

Premium from New Business grew at 13 percent at Rs. 7,033 crores for the period ended June 30, 2024 vis-a-vis Rs. 6,207 crore for the period ended June 30, 2023, the company said in a regulatory filing with the stock exchanges.

Establishing a clear focus on protection, SBI Life’s protection new business premium stood at Rs 720 crore for the period ended June 30, 2024. Protection Individual new business premium stood at Rs 150 crore during the first quarter. The company achieved the Individual New Business Premium at Rs. 4,749 crore with 17 percent growth over the corresponding period ended on 30th June, 2023.

The company’s solvency ratio continues to remain robust at 2.01 as on June 30, 2024 as against the regulatory requirement of 1.50.

SBI Life has a diversified distribution network of 3,27,038 trained insurance professionals and wide presence with 1,062 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business, it added.

SBI Life offers diverse range of products catering individuals as well as group customers through Protection, Pension, Savings and Health solutions.(UNI)