SBI Life posts 26% rise in net profit
Beating market expectations, private sector SBI Life Insurance on Thursday reported a 26.25% year-on-year rise in its net profit to 672.15 crore in the fourth quarter last fiscal, from 532.38 crore for the same period previous fiscal.
During the March quarter of FY22, first year premium grew 5.28% y-o-y to Rs 3853.56 crore, from Rs 3660.29 crore for the corresponding period of FY21, while renewal premium saw a 14.62% y-o-y rise to Rs 10,842.52 crore, from Rs ,9459.56 crore, according to a stock exchange filing.
The company’s net profit for the last fiscal rose by 3.4% y-o-y at Rs 1505.99 crore, compared with Rs 1,455.85 crore for the previous fiscal. Its net premium income during FY22 saw a 17.41% y-o-y increase to Rs 58,432.29 crore, against Rs 49,768.28 crore in FY21.