Private life insurer SBI Life Insurance posted a 11 percent year-on-year (YoY) increase in its September quarter net profit at Rs 250.53 crore. The new business premium for Q2FY19 saw a 9 percent increase YoY to Rs 2,221.92 crore.
For H1FY19, the 13th-month persistency stood at 83.2 percent as compared to 81.3 percent in H1FY18.
The annualised premium equivalent (APE) stood at Rs 3,700 crore, a 9.6 percent YoY rise in H1FY19. APE refers to 100 percent of the regular premiums and 10 percent of the single premiums.
The company’s net worth increased by 14.7 percent YoY to Rs 7,090 crore at the end of September 30, 2018.
The solvency ratio at the end of Q2 was at 2.21 as against the regulatory requirement of 1.50. SBI Life's return on equity (RoE) stood at 17.8 percent in H1FY19 as compared to 18.4 percent in H1FY18.
The life insurer's asset under management grew by 20 percent YoY to Rs 1.26 lakh crore as on September 30, 2018. The insurer also said 90 percent of the debt investments are in AAA and sovereign instruments.
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