NEW DELHI: SBI Life Insurance on Tuesday reported a 45% rise in net profit at Rs 381 crore for the June quarter. The private sector life insurer, promoted by the country’s largest lender SBI, had posted a net profit of Rs 263 crore during the April-June period of 2022-23.
The company’s gross written premium during the June quarter rose 19 per cent to Rs 13,560 crore as against Rs 11,350 crore in the year-ago period, SBI Life said in a release.
New Business Premium (NBP) has grown 11% to Rs 6,210 crore in Q1FY24, aided by growth in single premium business by 18%, it said. Asset under management grew by 25% from Rs 2,62,350 crore as on June 30, 2022, to Rs 3,28,280 crore as on June 30, 2023, with a debt-equity mix of 69:31, it said.
The company’s net worth increased by 15 per cent from Rs 11,760 crore as on June 30, 2022, to Rs 13,530 crore as of June 30, 2023, it added.