SBI Life Q3 profit rises 5% to ₹5.77 billion as tax cuts lift demand
The insurer's net profit rose to 5.77 billion rupees ($62.87 million) for the three months ended December 31, from 5.51 billion rupees a year earlier
 "SBI Life Q3 profit rises 5% to ₹5.77 billion as tax cuts lift demand")
India's SBI Life Insurance reported a near 5 per cent rise in third-quarter profit on Wednesday, aided by higher premium collections as tax cuts spurred retail demand for insurance products.
The insurer's net profit rose to 5.77 billion rupees ($62.87 million) for the three months ended December 31, from 5.51 billion rupees a year earlier.
Indian insurers saw higher demand for insurance products in the third quarter after taxes on life insurance products were lowered to zero from 18 per cent earlier, according to analysts.
The company's net premium income grew 22 per cent to 302.45 billion rupees. One-time premiums rose 24 per cent , while premiums from older policies that were renewed jumped nearly 21 per cent .
Its management expenses, however, rose more than 45 per cent to 35.19 billion rupees, driven by a 28 per cent rise in commissions paid and 36.6 per cent rise in employee-related costs.
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