SBI Life Insurance Profit Surges 71% in Q3

SBI Life Insurance reported a 71% increase in net profit, reaching Rs 551 crore in Q3. The profit boost was driven by an uptick in new and renewal premiums, despite a drop in total income due to investment returns. The company saw a slight decline in solvency ratio but a growth in assets under management.

SBI Life Insurance has announced a significant financial uplift, reporting a 71% rise in net profit for the third quarter, which ended in December. The company's profits climbed to Rs 551 crore compared to Rs 322 crore during the same period last year.

The surge in profit is primarily attributed to increased new premiums and renewal premiums, which propelled their net premium income from Rs 22,316 crore to Rs 24,828 crore. This growth occurred despite a substantial reduction in total income, which halved to Rs 18,542 crore, as a result of a negative investment income return this quarter.

The company's expense of management saw a rise while the solvency ratio slightly declined from the last year. Despite these challenges, SBI Life's assets under management grew by 19%, reflecting a positive outlook for the future.

(With inputs from agencies.)