SBI Life Insurance Q3 net profit Rises 47.5 Percent
SBI Life Insurance Q3 net profit was at Rs 389.77 crore, rose about 47.5 per cent YoY in the quarter ended in December 2019. It’s net earned premium was at Rs 11,694.51, jumped 28 per cent YoY.
The life insurance company’s assets under management (AUM) witnessed a 22 per cent YoY growth to Rs 1.64 lakh crore in Q3FY20. Debt equity mix was at 76:24. While the Value of New Business (VoNB) saw a 25 per cent growth to Rs 1,470 crore in 9MFY20. Also, VoNB margin surged by 80 bps to 18.3 per cent in 9MFY20.
The savings and production business of the SBI Life witnessed growth. The total protection new business premium was at Rs 1,440 crore in nine months FY20, up by 37 per cent YoY. Whereas the annualised premium equivalent was at Rs 8,050 crore in 9MF20, climbed 22 per cent Year-on-Year.
SBI Life Insurance net worth was at Rs 8,480 crore by December 2019, up by 16 per cent YoY. The company’s solvency ratio was at 2.30 compared to the regulatory requirement of 1.50.