SBI Life clocks 11% rise in net profit at Rs 250 cr in Q2

SBI Life Insurance Company Friday reported a rise of 11 per cent in its net profit at Rs 250.53 crore in second quarter ended September of the current fiscal.

The insurer had registered a net profit of Rs 225.47 crore in the same quarter of fiscal ended March 2017.

The gross premium income (first year, renewal and single premium combined) rose to Rs 7,685.47 crore during the September quarter, up from Rs 5,460.06 crore in the same period a year ago, SBI Life said in a regulatory filing.

The collective income from net premium, investments, other sources and transfer of funds from shareholders' accounts was at Rs 9,638.27 crore in the second quarter of 2018-19, up from Rs 7,734.24 crore in year-ago September quarter.

The company has registered a growth in savings and protection business reflecting balanced product mix, SBI Life said.

SBI Life said it has strong distribution network of 169,662 trained insurance professional and widespread operations with 848 offices across country.

"The company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents, common service centres, insurance marketing firms, web aggregators and direct business," it said.

Stock of SBI Life closed 0.18 per cent down at Rs 561.15 apiece on the BSE.