SBI Life Insurance has reported a net profit of Rs 389.44 crore for the third quarter ended December, 2019 of the current financial year, an increase of 47.4 per cent over the corresponding quarter of the previous financial year.
SBI Life Insurance has reported a net profit of Rs 389.44 crore for the third quarter ended December, 2019 of the current financial year, an increase of 47.4 per cent over the corresponding quarter of the previous financial year.
This information was given by this private sector company in the information sent to the stock exchanges. In the corresponding quarter of the previous financial year, the company had earned a net profit of Rs 264.28 crore.
The assets under management (AUM) of the company increased to Rs 1,64,190 crore during the quarter from Rs 1,34,150 crore at the end of December 31, 2018. SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardiff SA. It was established in 2001.
The Company has classified its investment in bonds of Dewan Housing Finance Limited (DHFL) as Non-Performing Assets (NPA) during the period under review.
The company has taken this step due to default in payment of interest and principal amount on non-convertible debentures (NCDs) in unit linked funds.
