 "Life Insurance")
Private sector life insurer SBI Life Insurance has reported a 43 per cent drop in net profit in the June quarter due to higher Covid reserves set aside for future claims. In Q1FY22, the insurer posted a net profit of Rs 223 crore against Rs 390.89 crore in Q1FY21.
It has set aside Rs 444.72 crore as Covid reserves during the June quarter. However, it has said that it will closely monitor any future developments relating to covid-19 which may impact its business and financial position.
The insurer's claims rose 1.28x by volume from FY21 to Q1FY22. In Q1, it
