You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

SBI Life advances after strong Q2 performance

Capital Market 

SBI Life Insurance Company gained 1.39% to Rs 781 after the company's net profit jumped 131% to Rs 299.73 crore on 44.82% rise in total income to Rs 18458.25 crore in Q2 FY21 over Q2 FY20.

Net premium income in the second quarter increased by 27.16% to Rs 12,857.95 crore as against Rs 10,111.51 crore recorded in the same period last year.

The company's income from investments (net) surged by 113.09% to Rs 5,590.37 crore in Q2 FY21 from Rs 2,623.46 crore in Q2 FY20.

Profit before tax in Q2 September 2020 stood at Rs 299.58 crore, up 151.30% compared with Rs 119.21 crore in Q2 September 2019. The company wrote back tax provisions worth Rs 16 crore during the quarter.

Value of New Business decreased by 12% to Rs 750 crore in H1 FY21 from Rs 850 crore in H1 FY20. New business margin stood at 18.8% in H1 FY21 as compared to 18.1% in H1 FY20.

The company's operating expense ratio declined to 5.4% in H1 FY21 from 6.4% in H1 FY20. Commission ratio decreased to 3.2% in H1 FY21 from 4% in H1 FY20.

The company's net worth increased by 20% to Rs 9,660 crore as on 30 September 2020 from Rs 8,070 crore as on 30 September 2019.

The solvency ratio as on 30 September 2020 was at 2.45 as against the regulatory requirement of 1.50.

The life insurer's assets under management (AuM) have grown by 20% from Rs 1,54,760 crore as on 30 September 2019 to Rs 1,86,360 crore as on 30 September 2020 with debt-equity mix of 76:24. 90% of the debt investments are in AAA and Sovereign instruments.

SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 190,696 trained insurance professionals consisting of agents, CIFs and SPs along with 940 offices across country.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 26 2020. 15:19 IST