SBI Life Insurance pre-tax profit up 2.6% to Rs 387.68 crore in Q1

SBI Life Insurance has reported a 2.6 per cent rise in profit before tax to Rs 387.68 crore in the first quarter of this financial year, while its net profit grew 5 per cent to Rs 390 crore in the same period last year. While the new business premium of the insurer fell 3 per cent to Rs 3,060 crore in the June quarter, its gross written premium rose 14 per cent to Rs 7,640 crore, against Rs 6,690 crore in the same period a year ago. 

The value of new business was down 29 per cent year on year to Rs 240 crore. The new business margin of the insurer stood at 18.7 per cent in Q1FY21, against 17.9 per cent in the same period a year ago, up 80 basis points.