SBI Life Insurance Company on October 27 reported a net profit of Rs 380 crore for the July-September quarter of FY24, up by 0.8 percent from Rs 376.4 crore recorded in the year-ago period.
The net premium income of the insurer came in at Rs 16,260 crore, in H1FY24 up 24 percent from Rs 13,090 crore in the year-ago.
SBI Life’s protection new business premium stood at Rs 1,996 crores for the period ended September 30, 2023 marking a growth of 25 percent. Protection Individual new business premium stands at Rs. 431 crores for the period ended September 30, 2023.
SBI Life's Individual New Business Premium stands at Rs 10,165 crores with 20 percent growth over the corresponding period ended on September, 30 2022. SBI Life’s profit after tax stands at Rs 761 crores for the period ended September 30, 2023.
The company’s solvency ratio continues to at 2.12 as on September 30, 2023 as against the regulatory requirement of 1.50.
SBI Life’s AUM also continued to grow at 22 percent to Rs 3,45,147 crores as on September 30, 2023, from Rs 2,82,632 crores as on September 30, 2022, with the debt-equity mix of 68:32.
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