SBI Life share price gained 0.8 percent in the morning trade on September 29. The insurance player a day earlier announced the appointment of as the new MD & CEO.
Jhingran replaces Mahesh Kumar Sharma who has been transferred to State Bank of India as the deputy managing director for SBI, Corporate Centre. Sharma will be relieved of his SBI Life duties from the close of business hours on September 30, 2023.
Jhingran, who joined SBI as a probationary officer in August 1991, has spent 30 years with the public lender across assignments such as international banking, retail banking and branch management.
Before this, Jhingran was posted as chief general manager, Hyderabad Circle, and as CEO of SBI, Chicago.
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At 11.09 am, the stock was trading at Rs 1,295.30, up 0.46 percent from the previous close.
SBI Life Insurance Company recorded a net profit of Rs 381.04 crore in the first quarter of FY24, a 45 percent year-on-year rise from Rs 263 crore.
It reported a 19 percent rise in net premium income at Rs 13,104 crore. As of June 2023, the promoters in SBI Life hold a 55.5 percent stake in the company.
FIIs hold 26.2 percent, however, the board and shareholders have approved 49 percent foreign ownership limits. The regulatory approved limit for insurance companies is 74 percent. DIIs hold 14.2 percent in the firm.
SBI Life has gained 4.47 percent this year. From its 52-week high, the counter is trading 7 percent lower but has gained 17.91 percent in the past six months.
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