SBI Life Insurance Q3 Results: Net Profit Slumps 40%, Premium Income Rises
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%.