SBI Life Insurance Sees Robust 39% Growth in Q2 Profits

SBI Life Insurance showed a significant profit increase in Q2, with net profit rising 39% to Rs 529 crore. Total income grew to Rs 40,015 crore. The company's assets under management surged 28% and the solvency ratio was well above regulatory requirements, marking robust financial health.

SBI Life Insurance announced a remarkable 39% increase in its net profit for the fiscal second quarter, reaching Rs 529 crore. This marks a significant rise from the Rs 380 crore profit recorded during the same period last year.

The insurance giant, promoted by State Bank of India, reported a surge in total income, which climbed to Rs 40,015 crore for the quarter, compared to Rs 28,569 crore in the previous year. This growth was bolstered by net premium collections of Rs 20,266 crore, slightly up from the previous year's Rs 20,050 crore.

The firm also reported a strong boost in its assets under management, which increased by 28% to Rs 4.4 lakh crore by the end of September 2024. With a solvency ratio of 204%, well above the required 150%, and a 16% lift in net worth to Rs 16,260 crore, SBI Life Insurance demonstrates robust financial stability.

(With inputs from agencies.)