SBI Life Insurance has posted a near 16 per cent increase in its net profit for the fourth quarter of the fiscal 2019-20.
Its net profit grew 15.9 per cent to ₹530.67 crore for the quarter ended March 31, 2020, as against ₹457.68 crore in the same period a year ago.
The insurer’s net premium income grew 4.67 per cent to ₹11,862.98 crore in the January-March 2020 quarter compared with ₹11,333.02 crore a year ago.
For 2019-20, the life insurer registered a net profit of ₹1,422.17 crore, which was 7.2 per cent higher than the net profit of ₹1,326.80 crore in 2018-19.
“New Business Premium (NBP) has shown a steady growth of 20 per cent. It has increased from ₹13,790 crore 2018-19 to ₹16,590 crore in 2019-20,” the insurance company said in a statement on Tuesday.
The company has increased its private market share based on the NBP, from 19 per cent in 2018-19 to 20.5 per cent in 2019-20, it further said.
Its assets under management grew 14 per cent to ₹1.6-lakh crore last fiscal from ₹1.41-lakh crore in 2018-19, with a debt-equity mix of 79:21.
The solvency ratio as on March 31, 2020, was at 1.95 as against the regulatory requirement of 1.50.
“During the year ended March 31, 2020, the company classified its investment in Dewan Housing Finance Ltd (DHFL) bonds as NPA on account of default in interest and principal repayment of non-convertible debentures (NCDs),” it said, adding that it has made 100 per cent NPA provision of ₹53 crore on the bonds in the unit-linked portfolio.