Companies

SBI Life Q4 net profit remains flat at ₹532 crore

Our Bureau Mumbai | Updated on May 03, 2021

A close-up of a highly stylized compass face. The compass needle has a blue arrowhead point and is pointed upwards to the word "insurance," which is printed in blue letters. To the left and right of the word "insurance" is the word "risk" printed three times in gray letters.   -  istock/olm26250

AUM grew 38% to ₹2.2-lakh crore

SBI Life Insurance reported a net profit of ₹532.38 crore in the fourth quarter of financial year 2020-21, almost the same as its net profit at ₹530.67 crore reported during the same period of financial year 2019-20.

Its net profit increased 2.36 per cent to ₹1,455.85 crore in FY21 as compared to ₹1,422.17 crore in FY20. For the quarter-ended March 31, 2021, its net premium income grew a robust 31.1 per cent to ₹15,555.74 crore as against ₹11,862.98 crore in the same period previous fiscal.

Solvency ratio

The private sector life insurer’s 13th month solvency ratio stood at 87.92 per cent as on March 31, 2021 as against 86.14 per cent for FY20. Solvency ratio was 2.15 as on March 31, 2021 versus 1.95 as on March 31, 2020.

Also read: SBI allocates ₹71 crore for Covid support initiatives

“Assets under management has grown by 38 per cent from ₹1.6 lakh crore as on March 31, 2020 to ₹2.2 lakh crore as on March 31, 2021 with debt-equity mix of 73:27 and more than 90 per cent of the debt investments are in AAA and sovereign instruments,” it said in a statement on Monday.

Published on May 03, 2021

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