Mumbai, 3^rd February 2022 (GPN): Star Union Dai-ichi Life Insurance (SUD Life), a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan’s total new business premium (NBP) reported stellar performance in December quarter at Rs. 1309.3 Cr, up80 per cent year-on-year (YoY) from the year-ago period.

One of the fastest growing Life Insurer,SUD Lifehas also honored approximately Rs. 550 cr on gross claims during 9M FY22 as against Rs. 157 cr during the same period last year. It witnessed 29% growth in renewal premiums from Rs 1193.4 to 1,536 crores in the same perioda year agoand a further improvement in 13th month persistency, which now stands at 78.77% vs 76.34%. Its solvency as of December 31, 2021, was at 1.86 times.

“The recent economic survey shows economy has been responsive with gradual receding of Covid-19, coupled with a robust vaccination drive including children. Increasing interest about insurance among people towards securing life’s certainties is also aiding growth,” said Mr. Abhay Tewari, MD & CEO- Star Union Dai-ichi Life Insurance (SUD Life).

In the nine-month ended December AUM grewfrom Rs.11408 cr to 14377 cron Y-o-Y basis registering a growth of 26%.

“We continued to deliver consistent and robust retail EPI growth of 60 per cent in 9M FY22, whereas industry grew by 20% with private sector witnessing a growth of 30%, whilst maintaining a balanced and profitable product mixcatering to customer needs,” added Mr. Tewari.

During the thirdquarter SUD Life successfully completed its maiden debt issuance (₹125 Cr) at a competitive rateto shore up its balance sheets to support the solvency post the 2^nd wave of COVID claims.

About Sud Life:Star Union Dai-ichi Life Insurance, headquartered at Navi Mumbai, is a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Japan, a leading life insurance company in Japan.

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