The insurer said it has assessed the overall impact of the pandemic on its business and financials, including valuation of assets, policy liabilities and solvency for the reporting period and made adequate provisions.
Based on the evaluation, the company has kept an additional reserve of Rs 70.38 crore for the pandemic – over and above the policy level liabilities, it added.
New business margin rose 100 bps to 19.3 per cent, while assets under management has crossed the Rs 2 lakh crore mark, clipping at 28 per cent year-on-year.
Its market share among private players rose to 23.7 per cent in terms of new business premium.
Renewal premium grew by 27 per cent, the company said in a statement, adding its overall market share in total new business premium rose Rs 23.7 per cent to Rs 14,440 crore.
Gross written premium increased 21 per cent to Rs 34,610 crore mainly due to strong growth in renewals, which rose 27 per cent from Rs 15,910 crore to Rs 20,170 crore.
Total cost ratio has come down to 8.5 from 10, and the commission ratio declined to 3.4 from 4.
Despite operating expenses coming down to 5.1 per cent from 6 per cent, the net income tanked as higher provisions and claims appended the overall numbers.
The solvency ratio stood at 2.34 as against the regulatory requirement of 1.50.
SBI Life counter closed over 2 per cent down at Rs 861.60 per scrip on the BSE, while the index tanked over 746 points on profit booking.