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SBI Life Insurance Company Ltd. reported a mixed performance wherein premium accretion was healthy but higher actuarial liability offset investment income, led to lower than expected surplus and earnings.
Premium growth remained healthy at 18% YoY to Rs 13766 crore, led by higher traction in renewal (up 24% YoY) and single premium (up 16.5% YoY).
New Business Premium witnessed a moderation in growth at 9.5% YoY to Rs 5439 crore, led by flattish group business.
Protection business (individual + group) continued to report strong growth at Rs 710 crore in Q3 FY21 versus Rs 510 crore in Q3 FY20.
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