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Higher Covid claims payout eats into SBI Life Q1 profit

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SBI Life Insurance Company Ltd (SBI Life) on Monday reported a 43 per cent slump in its net profit to ₹220 crore for the quarter ended in June hit by higher claim payouts due to Covid-19 pandemic.

The insurer had posted a net profit of ₹390 crore in the year-ago quarter. SBI Life said there was a sharp increase in claims due to the impact of the second wave of Covid-19.

The number of claims reported in the first quarter of 2021-22 are 1.28 times of that filed in the whole FY21, it said. Total number of Covid claims in Q1 FY22 stood at 8,956 and the Covid-19 claims, as net of reinsurance, stood at ₹570 crore.

Company's gross written premium (GWP) during Q1FY22 was up by 10 per cent to ₹838 crore, as against ₹764 crore in Q1FY21, SBI Life

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