SBI Life reports 130% jump in Q2 profit

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October 27, 2020 3:40 AM

SBI Life Insurance reported a 130% jump in its profit to Rs 299.73 crore for the second quarter of the current fiscal.

SBI Life saw new business premium (NBP) increase by 15% to Rs 9,000 crore in the first half of the fiscal.

SBI Life Insurance reported a 130% jump in its profit to Rs 299.73 crore for the second quarter of the current fiscal. The life insurer saw a surge in its net premium income and income from investments during the quarter.

In exchange filings, SBI Life said in Q2, it had seen net premium income of Rs 12,857.95 crore, against Rs 10,111.51 crore in the same period last year. Net income from investments stood at Rs 5,590.37 crore, compared to Rs 2,623.46 crore in the year-ago period.

SBI Life saw new business premium (NBP) increase by 15% to Rs 9,000 crore in the first half of the fiscal. The insurer has achieved market leadership in total NBP of Rs 9,000 crore with a 24.5% private market share in H1FY21. NBP is insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder.

Assets under management grew 20% to Rs 1,86,360 crore as on September 30, 2020, from Rs. 1,54,758 crore in September 2019, with the debt-equity mix of 76:24. Almost 90% of the debt investments are in AAA and sovereign instruments.

The life insurer in its exchange filings also said it has assessed the overall impact of the pandemic on its business and financials, including valuation of assets, policy liabilities and solvency for the period ended September 30. Based on the evaluation, the company has kept additional reserve amounting to Rs 64.76 crore resulting from the pandemic.

SBI Life’s protection new business premium stood at Rs 910 crore for the second quarter.

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