SBI Life Insurance's net profit more than doubles to Rs 299 crore

SBI Life Insurance’s net profit more than doubled to nearly Rs 299 crore in the first quarter of this financial year, from Rs 129.84 crore in the year-ago period, on the back of higher net premiums and investment income. 

In the first half of the financial year (FY21), net profit of the insurer was up 38 per cent to Rs 690 crore over the same period a year ago. Net premium income of the insurer was up more than 27.2 per cent to Rs 12,858 crore in the quarter. 

“Premium growth was strong led by higher traction in renewal and single premium. Despite Covid-19, new business premium growth was healthy at 27.4 per cent led by strong accretion of protection and group premiums,” said ICICI Direct Research.