SBI Life Insurance Co Ltd today reported 13.4 per cent rise in net profit at Rs 381.21 crore in March quarter of 2017-18.
SBI Life Insurance Co Ltd today reported 13.4 per cent rise in net profit at Rs 381.21 crore in March quarter of 2017-18. The company’s net profit was Rs 336.05 crore in the January-March quarter of 2016-17. The total income of the private sector life insurer however came down to Rs 10,052.32 crore in the fourth quarter of last fiscal, as against Rs 10,775.70 crore in the year ago period. For the entire fiscal 2017-18, SBI’s net profit increased to Rs 1,150.38 crore, from Rs 954.65 crore in 2016-17, SBI Life said in a regulatory filing.
The total income last fiscal grew to Rs 33,760.54 crore, compared to Rs 30,276.42 crore in the previous fiscal. The value of new business (VNB) stood at Rs 1,390 crore for 2017-18, up by 34 per cent. The embedded value increased to Rs 19,070 crore, registering a growth of 15.3 per cent year on year.
New business annualised premium equivalent increased by 26.9 per cent in 2017-18 to Rs 8,540 crore from Rs 6,730 crore in preceding fiscal, the company said in a statement. Based on individual rated premium (IRP), SBI Life said its market share increased from 20.7 per cent in 2016-17 to 21.8 per cent in fiscal ended March 2018. While the overall market share (on IRP) grew to 12.3 per cent from 11.1 per cent.
SBI Life is joint venture between country’s largest lender State Bank of India (SBI) and BNP Paribas Cardif SA, a global insurance companies of the Europe. Stock of SBI Life closed 0.43 per cent down at Rs 762.35 on BSE today.