SBI Life Q1 net rises 26% to Rs 144 cr

SBI Life Insurance today reported a 26% growth in net profit at Rs 144 crore for the first quarter ended June 30, over the corresponding period an year ago.

The private sector insurance company had posted a net profit of Rs 114 crore in the April-June quarter of the previous fiscal.

The total premium income of the company recorded a 13% growth at Rs 1,935 crore, SBI Life said in a statement.

"We are determined to simulate our quality of products and services offering sustainable wealth creation opportunities to our customers," SBI Life Managing Director & Chief Executive Officer M N Rao said.

The company's renewal premium income grew by 42% during the quarter to Rs 1,042 crore.

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74% of the total capital in the joint venture and BNP Paribas Assurance holds the remaining 26%.

The company's assets under management grew by 33% at Rs 40,070 crore at the end of June quarter. The paid up capital of SBI Life stood at Rs 2,000 crore.

During the quarter, the company focused on controlling expenses and increasing persistency, which helped it improve performance, the statement added.