SBI Life Q1 net rises 5% to Rs 390 cr, new business premium income falls

There was a decline of 29 per cent in individual new business premium, while individual rated premium slipped by 36 per cent

SBI Life Insurance on Tuesday reported a 5 per cent increase in net profit at Rs 390 crore for the first quarter of the current fiscal.

The private sector life insurer, promoted by the country's largest lender SBI, had posted a net profit of Rs 370 crore during the corresponding April-June period of 2019-20.

The company's gross written premium during Q1 FY21 rose by 14 per cent to Rs 7,640 crore as against Rs 6,690 crore in the same quarter of the preceding fiscal, SBI Life said in a release.

Renewal premium income grew by 30 per cent to Rs