New Delhi: SBI Life Insurance Co. Ltd on Tuesday reported 21% rise in its net profit at Rs230.28 crore for the third quarter ended December 2017 on healthy premium income. The company had registered a net profit of Rs190.43 crore in the corresponding quarter of previous fiscal 2016-17.

Total income of the life insurer increased to Rs9,720 crore during the quarter against Rs6,060 crore in the same period of the previous fiscal, SBI Life said in a regulatory filing. The net premium income of the company grew nearly 30% to Rs6,780 crore in the October-December quarter of 2017-18, from Rs5,240 crore earned in the same period of 2016-17.

SBI Life said the increase in net premium income was primarily due to increase in retail new business premium and also due to increase in renewal premium from retail business. The assets under management (AUM) grew by 23% to Rs1,11,630 crore as on 31 December, 2017, from Rs90,720 crore on 31 December, 2016.

Among other key parameters, the new business APE (annual premium equivalent) grew 41.9% in the third quarter of this fiscal, individual rated premium rose 38.2%, renewal premium grew 31.6% and total premium increased 29.5%.

“For the third quarter of 2017-18, private market share and total market share in terms of individual rated premium was 24.8 per cent and 14.3%, respectively," SBI Life said. Solvency ratio, which is the ratio of available solvency margin to the required solvency margin, stood at 2.06% at the end of third quarter of the fiscal, against 2.09% a year ago during the same period.

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif SA, which has a widespread network of 814 branches across the country. The company’s stock was down 1.78% at Rs670.20 on BSE.