SBI Life Insurance Company released the results of the third quarter of the current financial year on Saturday, 21 January. The company reported that its net profit for the December quarter declined 16.46% year-on-year to Rs 304.13 crore as against Rs 364.06 crore in the same quarter last year.
SBI Life Insurance Q3 Results: SBI Life Insurance Company released the results of the third quarter of the current financial year on Saturday, 21 January. The company reported that its net profit for the December quarter declined 16.46% year-on-year to Rs 304.13 crore as against Rs 364.06 crore in the same quarter last year. On a quarterly basis, the company’s profit registered a decline of 19.27% as its profit stood at Rs 376.74 crore in the previous quarter (September quarter). However, on the other hand, the company’s net premium income increased during the December quarter.
SBI Life Insurance reported that its Net Premium Income for the December quarter increased by 6.35% to Rs 19,170.80 crore from Rs 18,025.34 crore in the same quarter last year. On the other hand, it saw an increase of 16.35% on a quarterly basis as it stood at Rs 16,477.26 crore in the September quarter.
In the first 9 months of the current financial year (April – December 2022), the company has so far maintained its leadership position in individual rate premium. The company’s premium in the first 9 months stood at Rs 111.4 billion, which is 25.7 per cent of the entire private insurance market.
The total assets under management (AUM) of SBI Life Insurance grew by 17% to Rs 2,999.9 billion at the end of December quarter from Rs 2,568.7 billion at the same time last year. More than 95 per cent of the company’s debt investments are in AAA and sovereign instruments.
Meanwhile, shares of SBI Life Insurance closed at Rs 1,296.60 on Friday, 20 January, down 2 per cent on the NSE. The company’s shares have gained 4.17% per cent in the last one month. At the same time, its share price has increased by 5.84% in the last one year.
