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SBI Life Insurance has posted a 13 per cent increase in its net profit at Rs 350 crore in the first quarter of the fiscal compared with Rs 310 crore a year ago.
Similarly, new business premium increased by 15.3 per cent to Rs 2,080 crore in the quarter ended June 30, 2018 from Rs 1,800 crore in the same period a year ago. Value of new business stood at Rs 220 crore for the quarter under review.
“Our overall market share has increased to 10.6 per cent in the first quarter of 2018-19 compared with 10.3 per cent in the corresponding period a year ago,” SBI Life Insurance said in a statement on Thursday.
The insurer also registered a robust 13-month persistency of 83.67 per cent in the first quarter of this fiscal compared with 81.97 per cent in the same period a year ago.
New business APE (or annual premium equivalent) increased by 2.3 per cent in the first quarter of the fiscal to Rs 1,310 crore from Rs 1,280 crore a year ago.
Shares of SBI Life Insurance ended higher by 2.15 per cent at Rs 672.70 on the BSE.
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