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SBI Life Insurance registered a 47.4 per cent increase in its net profit to ₹389.77 crore in the third quarter of the fiscal. Its net profit was ₹264.28 crore in the same period a year ago.
Net premium income grew by 28 per cent to ₹11,694.51 crore in the quarter ended December 31, 2019 as compared to ₹9,141.26 crore in the corresponding quarter last fiscal.
“The value of new business increased by 27 per cent to ₹1,470 crore in the nine months of 2019-20,” the company said in a statement on Wednesday.
During the quarter under review, SBI Life Insurance has classified its investment in Dewan Housing Finance Ltd bonds as a non-performing asset on account of default in interest and principal repayment of non-convertible debenture held in Unit Linked Funds.
“The provision of ₹1,570 crore (including MTM change in fair value of ₹1,160 crore) under unit linked fund and ₹1,130 crore under shareholders funds in nine months of 2019-20 has been recognised,” it further said.
Its assets under management have risen by 22 per cent to ₹1.64 lakh crore as on December 31, 2019 as against ₹1.34 lakh crore as on December 31, 2018. Solvency ratio was 2.3 times as against the regulatory requirement of 1.5 times. Its 13th month persistency of 85.71 per cent in the nine months of the fiscal as against 83.33 per cent a year ago.
SBI Life’s scrip closed at ₹979 apiece, which was a gain of 0.61 per cent to its previous close on the BSE.
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