Money & Banking

SBI Life profit rises 5% to ₹372 crore

Our Bureau Mumbai | Updated on July 24, 2019

SBI Life Insurance registered a 5 per cent increase in net profit to ₹372 crore in the first quarter of the fiscal, against ₹354 crore a year ago. Its new business premium grew 52 per cent to ₹ 3,154 crore for the quarter ended on June 30, 2019, against ₹2,076 crore in the same period a year ago.

The company’s solvency ratio was robust at 2.17 in the first quarter, against the regulatory requirement of 1.50. Its 13th month persistency ratio also increased by 200 basis points to 84.46 per cent in the first quarter of the fiscal, from 82.47 per cent a year ago.

During intra-day trading on Wednesday, the scrip rose by as much as 4.2 per cent and hit a 52-week high of ₹808.10 apiece. Its scrip fell 0.53 per cent and closed at ₹772 apiece on the BSE.

Published on July 24, 2019

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