SBI Life’s expense of management increased during the quarter to Rs 2,417 crore as compared to Rs 2,188 crore in the third quarter of the previous fiscal
Mumbai: SBI Life Insurance on Friday reported a 71 per cent rise in net profit at Rs 551 crore for the third quarter ended December.
The life insurance company promoted by SBI had earned a profit of Rs 322 crore in the same quarter of the previous fiscal.
The improvement in profit is aided by increase in new premium and renewal premium.
During the quarter, net premium income improved to Rs 24,828 crore as against Rs 22,316 crore in the same quarter a year ago.
However, total income halved to Rs 18,542 crore in the quarter under review from Rs 38,803 crore in October-December of FY24, SBI Life said in a regulatory filing.
Decline in total income attributed to negative return earned from investment income of Rs 6,282 crore as compared to Rs 16,469 crore in the same quarter a year ago.
Expense of management increased during the quarter to Rs 2,417 crore as compared to Rs 2,188 crore in the third quarter of the previous fiscal.
The company’s solvency ratio marginally declined to 204 per cent as on December 31, 2024, from 209 per cent at the end of the third quarter of the previous year.
As per the regulatory requirement, life insurer should maintain solvency margin of 150 per cent.
SBI Life’s Assets Under Management (AUM) also continued to grow at 19 per cent to Rs 4,41,678 crore as on December 31, 2024 from Rs 3,71,410 crore as on December 31, 2023, with the debt-equity mix of 61:39.