SBI Life Insurance Co. Ltd’s March quarter (Q4) results showed glimpses of how much the covid-19 outbreak could hurt business.
India’s largest private sector life insurer reported a 13% fall in business on an annualized premium equivalent (APE) basis for Q4 because of disruptions due to the lockdown enforced to curb the pandemic.
Kotak Institutional Equities said business volume contributed just 28% to APE in the quarter, unlike the 40-60% in Q4 of previous years.
Understandably, the management gave a benign outlook for FY21 in an analyst call post results. The insurer expects growth to be in single digits for FY21.