New Delhi
SBI Life Insurance (SBI Life) on Monday reported over two-fold jump in net profit at Rs 299.73 crore for the second quarter ended September of the current fiscal year.
The life insurer had posted a net profit of Rs 129.84 crore in the same quarter a year ago.
Total income rose 45 per cent to Rs 18,458.25 crore during July-September period of 2020-21 from Rs 12,745.38 crore in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing.
SBI Life Insurance stated that in the second quarter of the current fiscal, it had seen total premium income of Rs 12,857.95 crore, as against Rs 10,111.51 crore in the last financial year.
Net income from investments of the life insurer stood at Rs 5,590.37 crore in Q2FY21 compared to Rs 2,623.46 crore in previous financial year.
Net premium income increased 22 per cent to Rs 12,857.95 crore during the quarter under review from Rs 10,111.51 crore a year ago.
Assets under management (AUM) grew to Rs 1,86,360 crore as on September 30, 2020 from Rs 1,54,760 crore as on September 30, 2019.
The company has assessed the overall impact of the COVID-19 pandemic on its business and financials, including valuation of assets, policy liabilities and solvency for the period ended September 30, 2020, SBI Life said.
"Based on the evaluation, the company has kept additional reserve amounting to Rs 64.76 crore resulting from COVID-19 pandemic over and above the policy level liabilities. The company will continue to closely monitor any future developments relating to COVID-19 which may have any impact on its business and financial position," it added.
The life insurer saw a strong 25th month persistency of 78.83 per cent in H1 FY 2021 as compared to 77.36 per cent in H1 FY 2020.
61st month persistency of the company has improved to 60.87 per cent in H1 FY 2021 as compared to 57.48 per cent in H1 FY 2020.
Shares of SBI Life on Monday closed 1.10 per cent higher at Rs 778.75 apiece on the BSE.