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SBI Life Insurance reports 53% increase in second quarter profits as premiums rise


SBI Life Insurance Co today reported a 53% increase in second quarter profits. (File)

Bengaluru:

India’s SBI Life Insurance Co reported a 53% increase in second-quarter profits on Friday, helped by higher premiums and growth in the value of its new business.

Insurance penetration has traditionally been low in India, but this is slowly changing, especially as more people rushed to buy new policies after the pandemic.

Profit rose to 3.77 billion Indian rupees ($45.5 million) in the three months to September 30 from 2.47 billion rupees a year earlier, the company said in a filing. ‘exchange.

Net premium income increased by 12.4% to 164.77 billion rupees, while investment income increased by 2.8% to 110.37 billion rupees.

SBI Life’s new business value, or the present value of expected future profits from new policies, increased by 53% to Rs 21.2 billion between April and September.

Its new business margin value, a measure of expected new business profitability, rose 630 basis points to 31% in the first half.

Embedded value, a measure of future cash flows for life insurers and a key financial indicator, stood at 424.1 billion rupees at the end of September.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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