The Hindu Business Line : SBI Life posts Rs 116-cr profit in H1

Mumbai, Nov. 3 SBI Life Insurance has posted a profit of Rs 116 crore in the first half of this fiscal ended September, against a loss of Rs 47 crore in the year-ago period.

For the quarter, the life insurer posted a profit of Rs 77.41 crore.

“There has been a good growth in both topline and bottomline. However, the rise in profits was also due to a one-time write back of the provision amounting to Rs 75 crore in the first half,” said Mr M.N. Rao, Managing Director and CEO.

Though the growth in fresh business premium in the first six months was flat, the company is hoping to achieve a 25 per cent growth in fresh business premium in the fiscal.

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