SBI Life Insurance (SBI Life) on Thursday reported a 26.3 percent rise in its net profit at Rs 672 crore for quarter ended March 2022.

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The life insurer had posted a net profit of Rs 532 crore in the year-ago quarter.

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Total income of the company during the January-March quarter of 2021-22 rose to Rs 21,427.88 crore, from Rs 20,896.70 crore in the same period of 2020-21, SBI Life said in a regulatory filing.

Net premium income in Q4FY22 stood at Rs 17,433.77 crore, up by 12.07 percent from Rs 15,555.74 crore in the year-ago period.

For the full year 2021-22, the company's net profit grew to Rs 1,506 crore, as against Rs 1,456 crore in 2020-21. Income during the year rose to Rs 83,027.20 crore from Rs 82,084.89 crore a year ago.

SBI Life said it registered a growth of 39 percent in the value of new business (VoNB) to Rs 3,700 crore in FY22.

VoNB is the present value of expected future earnings from new policies written during a specified period. It reflects the additional value expected to be generated through writing of new policies during a specified period.

The insurer said it maintained private market leadership in individual rated premiums of Rs 12,870 crore, with 23.4 percent share.

There was strong growth in individual new business premium of 32 per cent to Rs 16,500 crore in 2021-22 and strong growth in protection of new business premium of 24 percent to Rs 3,050 crore.

New business premium (NBP) is the insurance premium due in the first policy year.

The company's 13th month persistency ratio stands at 85.18 percent, it added. Persistency ratio reflects the number of policyholders who paid their renewal premium.

Assets under management (AUM) grew by 21 percent to Rs 2.7 lakh crore as of March 31, 2022, SBI Life said.

SBI Life scrip closed at Rs 1,116.55 apiece on BSE, up by 3.99 percent from previous close.