SBI Life Q2 net profit jumps over two-fold to ₹300 cr1 min read . Updated: 26 Oct 2020, 05:33 PM IST
- Total income rose 45% to ₹18,458 crore during July-September period
- Net premium income increased 22% to ₹12,858 cr
New Delhi: SBI Life Insurance Co Ltd (SBI Life) on Monday reported over two-fold jump in net profit at ₹300 crore for the second quarter ended 30 September, 2020.
The life insurer had posted a net profit of ₹130 crore in the same quarter a year ago.
Total income rose 45 per cent to ₹18,458 crore during July-September period of 2020-21 from ₹12,745 crore in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing.
Net premium income increased 22 per cent to ₹12,858 crore during the quarter under review from ₹10,111.51 crore a year ago.
Assets under management (AUM) grew to ₹1,86,360 crore as on September 30, 2020 from ₹1,54,760 crore in the year-ago period with debt-equity mix of 76:24. 90% of the debt investments are in AAA and sovereign instruments.
The company has approved the grant of 9,24,690 stock options to eligible employees on July 21, 2020.
The company has assessed the overall impact of the COVID-19 pandemic on its business and financials, including valuation of assets, policy liabilities and solvency for the period ended September 30, 2020, SBI Life said.
"Based on the evaluation, the company has kept additional reserve amounting to ₹64.76 crore resulting from COVID-19 pandemic over and above the policy level liabilities. The company will continue to closely monitor any future developments relating to COVID-19 which may have any impact on its business and financial position," it added.
Shares of SBI Life on Monday closed 1.10 per cent higher at ₹778.75 apiece on the BSE.
SBI Life Insurance Company Limited, established in 2001, is a joint venture between State Bank of India and BNP Paribas Cardif S.A. and is one of the leading life Insurance companies in India.