Mumbai, July 24 (IANS) SBI Life Insurance Company on Thursday reported a 14 per cent year-on-year (YoY) rise in its net profit for the June quarter (Q1 FY26), with profit increasing to Rs 594 crore compared to Rs 520 crore in the same quarter previous year.

The company’s net premium income for the April–June quarter stood at Rs 17,178 crore, up 14 per cent from Rs 15,105 crore in the corresponding quarter previous year, according to its stock exchange filing.

Renewal premiums stood at Rs 10,546 crore in Q1 FY26. This marked a strong 23 per cent increase over the previous year.

Meanwhile, the first-year premium was approximately Rs 35,390 crore, higher than Rs 31,460 crore in Q1 FY25.

The company said that renewal premiums continue to play a key role in its business and are expected to remain an important growth driver in the coming quarters.

SBI Life’s new business premium (NBP) also saw a slight year-on-year increase of 3 per cent to Rs 7,270 crore, up from Rs 7,030 crore in a year-ago period.

Gross written premium (GWP) rose 14 per cent YoY to Rs 17,810 crore, as per its exchange filing.

In terms of assets, the company’s assets under management (AUM) reached Rs 4.8 lakh crore — showing a strong 15 per cent growth compared to the same period previous year.

The value of new business (VoNB) was reported at Rs 1,090 crore, a 12 per cent YoY increase. SBI Life’s MD and CEO Amit Jhingran said the company saw a healthy shift in its product mix in Q1, with more focus on protection and guaranteed non-par savings products.

He noted that the growth in new business sum assured reflects rising customer awareness around financial security.

Jhingran also highlighted the company’s improvement in key customer retention metrics, such as the 13th and 61st-month persistency ratios, which reflect stronger customer relationships and better business quality.

Following the earnings report, SBI Life shares ended slightly higher on Thursday, closing 0.31 per cent up at Rs 1,814.40 apiece on the Bombay Stock Exchange (BSE).

–IANS

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