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SUD Life new business premium jumps 66% to Rs 1,926 crore in FY22

Star Union Dai-ichi Life Insurance (SUD Life) on Monday said its new business premium (NBP) in financial year ended March 2022, jumped by 66 per cent to Rs 1,926 crore. The life insurer had a NBP of Rs 1,164 crore in the previous fiscal year ended March 2021.

SUD Life is a joint venture between public sector banks —

and — and Dai-ichi Life Japan.

The life insurer said it honored about Rs 687 crore on gross claims during FY22, as against Rs 271 crore during the same period last year.

The annual claim settlement score registered an improvement of 253.50 per cent, SUD Life said in a release.

The insurer said it witnessed 20 per cent growth in renewal premiums in 2021-22 at Rs 2,211 crore, from Rs 1,835 crore in 2020-21.

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The company’s solvency as of March 31, 2022, was at 2.1 times.

With the help of strong distribution and right product mix, SUD Life has created a unique demand from market amid gradual economic revival post pandemic, coupled with a robust vaccination drive, Abhay Tewari, MD & CEO- Star Union Dai-ichi Life Insurance (SUD Life) said.

“Increasing interest about insurance among people towards securing life’s certainties is also aiding growth,” Tewari said.

The insurer said its asset under management (AUM) grew by 24 per cent to Rs 15,052 crore during the year, as against Rs 12,093 crore a year ago.

“We continued to deliver consistent and robust retail EPI (Estimated Premium Income) growth of 48 per cent in FY22, whereas industry grew by 20 per cent with private sector witnessing a growth of 30 per cent, whilst maintaining a balanced and profitable product mix catering to customer needs,” Tewari said further.

SUD Life said it also successfully completed its maiden debt issuance of Rs 240 crore at a competitive rate to shore up its balance sheets to support the solvency post the second wave of COVID claims.

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