Carlyle will exit SBI Life Insurance Company (SBI Life Insurance Co. Ltd) by selling its 1.9 per cent stake. The share sale will take place on Thursday. The share sale price range has been fixed from Rs 1,130 to Rs 1,136.85.
Mumbai . American equity fund CA Emerald Investments, a subsidiary of Carlyle Asia Partners, will sell its entire 1.9 per cent stake in SBI Life Insurance Co. Ltd. The share sale will take place on Thursday.
The share sale price range has been fixed from Rs 1,130 to Rs 1,136.85. The upper level of the price range is the closing price of SBI Life on BSE on Wednesday. At the bottom of the price range, Carlyle will be able to raise Rs 2,147 crore. The business of this share sale is being handled by BofA Securities India.
Carlyle had raised Rs 4,061 crore by selling 4.2 per cent stake in SBI Life at Rs 960 per share. In the year 2019, Carlyle bought 9 per cent stake in SBI Life from BNP Paribas for about Rs 5,500 crore.
SBI Life result came last week
SBI Life Insurance result came last week. The profit of private sector insurance company SBI Life Insurance declined by 42.9 percent year-on-year during the first quarter of the financial year 2021-22 due to the Kovid claim. During this, the company has made a profit of Rs 223.16 crore.
Increase 1.28 times on an annual basis in the claims
, according to SBI Life, Kovid rising claims due to 19 and it affects the additional reserve created keeping in mind the company had profits. In view of the claim of Kovid, the company has made an additional reserve of Rs 444.72 crore till June 2030.
Presenting the results of the June 2021 quarter, the company has said that it will continue to monitor the issues related to Kovid-19. This may affect the business and financial position of the company. Also told that there has been an increase of 1.28 times on a yearly basis in the claims in the June quarter. In the first quarter, the company has received 8,956 debt claims related to Kovid-19. The claim amount associated with this is around Rs 570 crore.
32% increase in Assets Under Management The
insurance company said that the debt claims in the June 2021 quarter have remained as expected. The company’s Value of New Business (VNB) has grown by 45 per cent year-on-year in the first quarter. It has been Rs 340 crore. During this, the company’s Assets Under Management (AUM) grew by 32 percent and stood at Rs 2.31 lakh crore. According to the company, the company’s New Business Premium (NBP) in the first quarter stood at Rs 3,340 crore, up 9 per cent year-on-year. During the same period, the company’s protection NBP has increased by 46 percent year-on-year to Rs 430 crore.
