SBI Life Insurance Q2 profit up 6% at Rs225 crore
Mumbai: SBI Life Insurance on Tuesday reported 6% increase in net profit to Rs225.47 crore for the second quarter ended 30 September of the current fiscal. This is the maiden quarterly result by the company after it got listed early this month.
SBI Life had posted a profit of Rs212.76 in the July- September quarter of last fiscal, 2016-17. In a regulatory filing, the company said it collected net premium of Rs5,384.57 crore in the July-September 2017-18, up from Rs4,921.47 crore in the year-ago period.
The ‘first-year’ premium was Rs2,039.03, as against Rs1,392.31 in the July-September period of last fiscal. “In view of the seasonality of the industry, the financial results for the quarter and half year ended 30 September,2017 are not indicative of the full year’s expected performance,” the filing said.
The filing further said the previous period’s/ year figures have been regrouped/reclassified/restated wherever necessary to correspond with the current quarter classification. SBI Life’s stock was trading 1.7% up at Rs666.75 in the afternoon on BSE.