SBI Life Insurance Q1 net rises 6% to Rs215 crore

SBI Life Insurance gross total premium for June quarter grew 52.73% to Rs3,383 crore compared with Rs2,215 crore

Photo: Bloomberg
Photo: Bloomberg

Mumbai: SBI Life Insurance on Wednesday reported 6.43% growth in net profit at Rs.215 crore for the first quarter ended 30 June.

The private insurer’s net profit stood at Rs.202 crore in the corresponding quarter of the previous fiscal, SBI life said in a release.

The company’s gross total premium for the quarter grew 52.73% to Rs.3,383 crore compared with Rs.2,215 crore. Total new business premium went up 78.22% to Rs.1,866 crore as against Rs.1,047 crore last year.

“All distribution channels have been performing in an exemplary manner. The momentum from last year’s success continues to be high in the current financial year as well. We have registered a strong growth of 78% in its NBP in the Q1 of FY17, which helped us increase our market share within the private players to 21.2% from 14.6% last year,” SBI Life Insurance managing director and CEO Arijit Basu said.

Assets under management (AUM) of the company rose 14.19% to Rs.83,117 crore against Rs.72,785 the same period in the last year. The private insurer’s operating expense ratio also dipped to 11% from 13.4% in the same quarter last year.