SBI Life Quarterly Profit Flat At 380 Cr

SBI Life Insurance on Friday reported an almost flat net profit of Rs 380 crore in the three months ended September. The insurer had registered a net profit of Rs 377 crore in the same quarter of the previous fiscal.

The net premium income rose to Rs 20,050 crore in the second quarter of the current fiscal, up from Rs 16,477 crore in the same period a year ago, SBI Life said in a regulatory filing.

Asset under management grew 22 per cent from Rs 2,82,630 crore as on September 30, 2022, to Rs 3,45,150 crore as on September 30, 2023, with a debt-equity mix of 68:32.

The company’s net worth increased 14 per cent to Rs 13,970 crore as on September 30, 2023 as against Rs 12,210 crore in the year-ago period.

The solvency ratio of the company stood at 2.12 as of September 30, 2023, as against the regulatory requirement of 1.50, indicating a strong financial position of the company, the filing said.