SBI Life Insurance Q3 Results: Net Profit Slumps 40%, Premium Income Rises
SBI Life's net profit declined 40% year-on-year to Rs 233 crore in the quarter ended December.
SBI Life Insurance Co.’s earnings tumbled in the quarter ended December even as premium income rose.
Net profit of the private life insurer declined 40% year-on-year to Rs 233 crore, dragged by actuarial liability, according to an exchange filing. That compares with the Rs 394-crore consensus estimate of analysts tracked by Bloomberg.
Its gross premiums rose 18% year-on-year to Rs 13,874 crore during the reported period, helped by renewal of policies. Renewal premiums rose 24% to Rs 8,436 crore.
The company’s value of new business margin stood at 20.8% during the nine months ended December compared with 20.5% a year ago. That was aided by growth in its protection segment. Besides, a rise in protection policy pricing aided value of new business margin.
Shares of SBI Life fell as much as 4.6% to Rs 838 apiece after the results were announced, while the benchmark NSE Nifty 50 index fell 1.5%.