SBI Life logs 56% growth in net profit

SBI Life Insurance reported a 56 % rise in net profit at Rs 364 crore for the third quarter ended December.

The private sector insurer’s profit stood at Rs 233 crore in the same quarter of the previous fiscal, according to a regulatory filing.

However, total income declined to Rs 20,458.31 crore in the quarter under review from Rs 26,551.90 crore in October-December 2020 period.

The company’s solvency ratio stood 209 % as on December 31, 2021 as against the regulatory requirement of 150 %.

The asset under management rose to Rs 2,56,900 crore at the end of December 2021 compared to Rs 2,09,500 crore in the year-ago period.

“In view of seasonality of the industry, the financial results for the quarter and nine months ended December 31, 2021 are not indicative of the results that may be expected of any other interim period or full year,” it said.