SBI Life gains market share, but growth remains elusive
SBI Life’s retail new business premium growth showed a 36.5% sequential jump in the December quarter
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SBI Life Insurance Co. Ltd has offset the impact of the pandemic on business growth to a large extent, its December quarter performance showed. Indians bought life insurance policies with the pandemic making them even more willing buyers. SBI Life’s retail new business premium growth showed a 36.5% sequential jump in the December quarter, offsetting the loss of business of the first quarter.
The insurer has been able to show improvement in every quarter. The company’s market share also expanded to 23.7% of the private life insurance pie. This means that not only are more and more Indians buying insurance but also a larger part of the new buyers prefer SBI Life.
Read more about HDFC Life Insurance Company Ltd slides around 1.5% on Business Standard. HDFC Life Insurance Company Ltd is quoting at Rs 694.15, down 1.52% on the day as on 13:19 IST on the NSE. The stock jumped 16.03% in last one year as compared to a 17.09% rally in NIFTY and a 6.41% spurt in the Nifty Financial Services index.