SBI Life Insurance Company shares hit a record high of Rs 1,332.30, up 2.11% on Thursday on BSE, in an otherwise low-key market on expectations of robust growth. The insurance company’s stock has risen 24% in the last two months and 16% in the last six months. In contrast, the S&P BSE Sensex increased by 4% over the previous six months. SBI Life is a State Bank of India (SBI) subsidiary.

Also Read| Sensex dips 200 points, Nifty falls by 60 points in early trade

SBI Life reported an outstanding overall performance in the first quarter (April-June quarter) of the current fiscal year 2022-23, with both growth and margins exceeding expectations. SBI Life outperformed peers in terms of overall annual premium equivalent (APE) growth and retail protection APE growth.

Also Read| Fuel price August 18, 2022: Check petrol, diesel rates in your city

Value of new business (VNB) margins increased by 6.7 percentage points year on year to 30.4%, driven by exceptionally strong growth in non-par guaranteed saving products, while APE increased by 79% year on year on a favourable base.

Also Read| Bulk Deals: Disha Resources sold VAISHALI shares, ERS Texas bought stake in NAVA

“The solid Q1 performance underscores the strength of the formidable combination of brand and distribution reach in terms of geography and demography that SBI Life has. Management remained confident about delivering growth and maintaining margin trajectory,” analysts at Emkay Global Financial Services said in a result update report.

Also Read| Indian government to discuss possibility of common charger for all phones, laptops

According to SBI Life’s FY22 annual report, the company has adopted smarter methods for onboarding partners, identifying potential customers, and accelerating system integration. 

Also Read| Johnson & Johnson to stop selling talc-based baby powder globally

The company is constantly utilising and improving analytics capabilities through the use of Machine Learning and Artificial Intelligence (Al) to improve efficiency, reduce risk, and grow business. A focus on technology initiatives throughout the agency channel’s value chain has resulted in enhanced business performance.