Insurance company SBI Life Ltd has reported a net profit of Rs 304 crore for the three months ended December 2022, which is down about 16% from Rs 364 reported in the same period of last year. The profit figure missed the estimates as ET Now Poll pegged the number at Rs 430 crore.
Net premium income during the quarter stood at Rs 19,170 crore, up about 6% year-on-year. The company had posted a net premium income of Rs 18,025 crore in the last year period.
First year premium increased 24% to Rs 5,055 crore for the quarter under review, compared with Rs 4,073 crore in the corresponding quarter of last year.
For the nine month period, the company has recorded a profit growth of 13% growth to 940 crore. The company said it has a strong distribution network of 255,848 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 990 offices across country.
Assets under management (AuM) during the quarter grew by 17% to 2.99 trillion as on December 2022, with debt-equity mix of 71:29. Over 95% of the debt investments are in AAA and Sovereign instruments.
SBI Life’s income from investments more than tripled during the quarter to Rs 7,442 crore as against Rs 2424 crore in the last year period.
The company’s has decent solvency ratio of 2.25 from 2.09 a year ago. This compares with the regulatory requirement of 1.50. The company said it has maintained its leadership position in individual rated premium of Rs 11,140 crore with 26% private market share in the nine months period ended December. SBI Life has also strong growth in individual new business premium by 31% to Rs 15,240 crore in the nine months period, while new business premium (NBP) has grew by 14% to Rs 21,510 crore during the same period.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
