Money & Banking

SBI Life Insurance Q2 net profit down 48 per cent

Our Bureau Mumbai | Updated on October 16, 2019 Published on October 16, 2019
SBI Life now plans to offer a 12 per cent stake in the IPO. File Photo

SBI

SBI Life Insurance reported a 48.17 per cent drop in its net profit for the second quarter of the fiscal year at Rs 129.84 crore. The private sector life insurer had a net profit of Rs 250.53 crore in the same period a year ago.

For the July to September 2019 quarter, its first year premium income rose by a healthy 14.7 per cent to Rs 2,548.04 crore as against Rs 2,221.92 crore in the same period a year ago.

Its total premium income during July-September also rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period.

It had to however make significant provisions for diminution in value of in the second quarter of Rs 70.3 crore. There were no such provisions a year ago.

The company’ s scrip was trading at Rs 840.60 apiece on BSE on Wednesday. 

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Published on October 16, 2019
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