SBI Life Insurance Sees Robust 36.48% Increase in Net Profit for June 2024 Quarter

SBI Life Insurance reported a significant 36.48% year-on-year increase in net profit for the June 2024 quarter, reaching Rs 520 crore. The company's new business premium grew to Rs 7,033 crore, and its AUM rose by 26% to Rs 4,14,772 crore. Shares closed 2.29% higher at Rs 1,634.10.

SBI Life Insurance on Wednesday reported a 36.48 per cent year-on-year growth in net profit, reaching Rs 520 crore for the June 2024 quarter.

The company's profit after tax was Rs 381 crore in the April-June quarter of financial year 2023-24.

SBI Life Insurance announced a new business premium of Rs 7,033 crore during the period under review, compared to Rs 6,207 crore in the June 2023 quarter.

Its regular premium increased by 19 per cent over the corresponding period ended on June 30, 2023.

'Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs 720 crore for the period ended June 30, 2024. Protection Individual new business premium stands at Rs 150 crore for the period ended June 30, 2024,' the insurer mentioned in a filing.

Individual new business premium rose to Rs 4,749 crore with a 17 per cent growth over the year-ago period.

SBI Life's AUM also continued its growth trajectory, rising 26 per cent to Rs 4,14,772 crore as on June 30, 2024, from Rs 3,28,283 crore as on June 30, 2023, with a debt-equity mix of 62:38.

The insurer noted that over 95 per cent of its debt investments are in AAA and sovereign instruments.

The company boasts a diversified distribution network of 3,27,038 trained insurance professionals and a significant presence with 1,062 offices nationwide, comprising bancassurance, agency channels, corporate agents, brokers, insurance marketing firms, web aggregators, and direct business.

Shares of SBI Life Insurance closed 2.29 per cent higher at Rs 1,634.10 apiece on the BSE.

(With inputs from agencies.)