SBI Life Q2 net profit falls 48% to Rs 130 crore

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Mumbai | Published: October 16, 2019 2:03:36 AM

SBI Life’s protection new business premium collection stood at `929 crore for the half year ended September 30, 2019 registering a 59% increase over `586 crore for the half year ended September 30, 2018.

SBI Life insurance, sbi shares, sbi stocks, sbi net profit, sbi listing, sbi earningDespite the fall in profit, SBI Life registered a growth of 40% in its new business premium (NBP) to `7,817 crore for the half year ended on 30th September, 2019

SBI Life Insurance Company reported a net profit of `129.84 crore for the three month ended September, a fall of 48.17% compared to `250.53 crore in September quarter last year. Even for the first six months of the current financial year, SBI Life Insurance reported a net profit of `501.75 crore, down 17% compared to `604.84 crore in the first six months of FY19.

Despite the fall in profit, SBI Life registered a growth of 40% in its new business premium (NBP) to `7,817 crore for the half year ended on 30th September, 2019 as against `5,573 crore for the half year ended September 30, 2018.

SBI Life’s protection new business premium collection stood at `929 crore for the half year ended September 30, 2019 registering a 59% increase over `586 crore for the half year ended September 30, 2018.

Individual new business premium collection increased by 30% to `4,848 crore from `3,719 crore over the corresponding period a year ago.

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