SBI Life Insurance's Q2 net profit stands at Rs. 380cr
SBI Life Insurance reported a mere 1% rise in net profit for the July-September quarter of FY24, reaching Rs. 380 crore, an increase from Rs. 376.4 crore during the same period last year. However, the firm's net premium income increased 22% year-on-year (YoY) to Rs. 20,050 crore. On October 27, SBI Life's stock settled at Rs. 1,302.90 apiece on NSE, marginally down by 0.21%.
Protection new business premium grows by 25%
SBI Life's Protection New Business premium stood at Rs. 1,996 crore, representing a 25% growth for the period ending September 30, 2023. The Protection Individual New Business premium also demonstrated notable progress, standing at Rs. 431 crore for the same timeframe. Moreover, the company's Individual New Business Premium reached Rs. 10,165 crore, marking a 20% increase over the corresponding period that ended on September 30, 2022.
Solvency ratio and AUM continue to show strength
SBI Life's solvency ratio remains solid at 2.12 as of September 30, 2023, considerably higher than the regulatory requirement of 1.50. The company's assets under management (AUM) also continued to expand at an impressive rate of 22%, reaching Rs. 3,45,147 crore as of September 30, 2023, up from Rs. 2,82,632 crore as of September 30, 2022. The debt-equity mix for the firm maintains a stable ratio of 68:32.
