BackSBI Life Q3 profit jumps 56% to ₹364 crore
SBI Life Q3 results: Total income declined 23% to ₹20,458 crore in the quarter under review
PremiumSBI Life Insurance on Friday reported a 56% rise in net profit at ₹364 crore for the third quarter ended 31 December, 2021. It was ₹233 crore in the same quarter of the previous fiscal.
However, total income declined 23% to ₹20,458 crore in the quarter under review as against ₹26,551 crore in last year period.
The company's solvency ratio stood 209% as on December 31, 2021, higher than the regulatory requirement of 150%.
The asset under management rose to ₹2.56 lakh crore at the end of December 2021 compared to ₹2.09 lakh crore in the year-ago period, showing a growth of 23%.
The company has clocked 66% growth in Value of New Business (VoNB) at ₹2,590 crore for nine months ended December quarter.
"In view of seasonality of the industry, the financial results for the quarter and nine months ended December 31, 2021 are not indicative of the results that may be expected of any other interim period or full year," SBI Life said.
On Friday, SBI Life shares closed flat at ₹1,239 apiece on NSE.
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