SBI Life Q1: Profit rises 5% to 370 crore

SBI Life Insurance on Tuesday reported a 5% rise in net profit for the quarter ended June 30, 2019. The private sector insurer’s net profit rose to Rs 372 crore during the quarter, compared with Rs 354 crore in the corresponding quarter of the previous year. The insurer’s shares closed at Rs.776, up 1.7 per cent on Tuesday.

With an effective tax rate, VoNB increased to Rs 370 crore while the VoNB margin edged up 90 basis point to 17.9 per cent. At the same time, profit after tax increased by 5 per cent to Rs 370 crore in Q1 FY20 from Rs 350 crore in Q1 of previous fiscal. The net worth increased by 16 per cent to Rs 7,940 crore from Rs 6,820 crore in Q1 FY19. The value of its new business increased by 49 percent to Rs.370 crore. The new business annualised premium grew 41 percent to Rs.1860 crore from Rs.1310 crore in the corresponding period last year. The company’s solvency ratio was at 2.17 as on June 30, 2019 as against the regulatory requirement of 1.50. SBI Life’s assets under management continued to grow at 22% to Rs. 1.46 lakh crore as on June 30. The company's distribution network was of 1.74 lakh trained insurance professionals and 922 offices across the country.

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