Money & Banking

SBI Life Q2 net profit rises to ₹300 crore

Our Bureau. Mumbai | Updated on October 26, 2020 Published on October 26, 2020

SBI Life Insurance net profit more than doubled to ₹299.73 crore in the second quarter of the fiscal from ₹129.84 crore a year ago.

The private sector life insurer registered a robust 27.2 per cent in net premium income to ₹12,857.95 crore for the quarter ended September 30, 2020, from ₹10,111.51 crore in the same period last fiscal.

In statement on Monday, SBI Life Insurance said its new business premium has increased by 15 per cent to ₹9,000 crore from ₹7,820 crore in the first half of the fiscal year 2020-21.

However, its value of new business decreased by 12 per cent to ₹750 crore between April and September this fiscal and by 15 per cent to ₹800 crore for the first half of the fiscal with effective tax rate.

Its solvency ratio was at 2.45 per cent for the first half of the fiscal versus 2.2 per cent in the corresponding period a year ago.

It reported a 13th month persistency of 85.92 per cent as on September 30, 2020, versus 85.81 per cent a year ago.

Assets under management grew by 20 per cent to ₹1.83-lakh crore in the first half of the fiscal from ₹1.54-lakh crore as on September 30, 2020, with debt-equity mix of 76:24.

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Published on October 26, 2020
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