Page 15 - Insurance Times September 2023

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News

SBI Life net up 45% on rise for Uttar Pradesh by the IRDAI. This LIC net profit jumps to
move is part of IRDAI's State Insurance
in renewal premium
Plan to promote financial awareness Rs. 9,543 crore in Q1
SBI Life Insurance reported a 45
and insurance inclusion. LIC's has reported a standalone
per cent increase in its net profit for net profit at Rs 9,543.71 crore for
the quarter ended June to Rs Max Life aims to increase awareness
380 crore, thanks to 28 per cent and accessibility of affordable the quarter ended June as against
growth in renewal premium to Rs insurance coverage in Uttar Pradesh a profit of Rs 682.88 crore in the
7,350 crore. through digital insurance awareness corresponding quarter of last year,
activities in Chandauli and Varanasi, a rise of 1,297 per cent.
Gross written premium grew by 19 per
cent to Rs 13,560 crore year-on-year the company said. They plan to extend However, the net premium income
(YoY) in Q1, particularly due to 18 per similar initiatives to other districts in of LIC was almost flat at Rs
cent growth in single premium and 28 the next six months, including those 98,362.75 crore as compared to Rs
per cent rise in renewal premium," it under the Government of India's 98,351.76 crore in the same
said. New business premium grew 11 'Aspirational Districts Programme.' period of last year. However,
sequentially, the net profit
per cent to Rs 6,210 crore YoY in Q1,
aided by an 18 per cent rise in single Govt appoints R Doraiswamy declined 29 percent from Rs
premium business. 13,428 crore reported in the
as LIC MD March quarter. The net premium
The individual new business premium income dipped 25 percent quarter-
grew 18 per cent to Rs 4,060 crore in LIC said the government has on-quarter.
Q1. The value of new business margin appointed R Doraiswamy as the
for the quarter stood at 28.8 per cent. managing director. Doraiswamy is The income from investments of
"Strong growth in 37th month and 61st currently the executive director at the LIC, the largest investor in the
month persistency in Q1 FY 24 by 262 central office in Mumbai. stock markets, rose 29.80 percent
bps and 645 bps respectively due to to Rs 90,309 crore in the quarter
He has been appointed as managing
our focus on improving the quality of director of LIC in place of Ipe Mini with under review, compared with Rs
business and customer retention," SBI 69,571 crore in the same quarter
Life said. effect from the date of assumption of of last fiscal.
charge of the office on or after
September 1, 2023, and up to the date Siddhartha Mohanty, Chairperson,
Max Life appointed lead LIC, said, "Our overall expense
of his superannuation on August 31,
insurer for Uttar Pradesh 2026, or until further orders, ratio has become better and our
margins are stable on year-on-year
Max Life Insurance Company Ltd. has whichever is earlier, a regulatory filing basis."
been designated as the "Lead Insurer" said.

The Insurance Times September 2023 13