SBI Life Q3 profit falls over 16%

SBI Life Insurance Co reported a 16% fall in third-quarter profit, dragged down by an increase in expenses.SBI Life posted a profit of Rs 3.04 billion in the third quarter, down from Rs 3.64 billion a year earlier, the company said in an exchange filing.

Net premium income rose 6% to Rs 191.70 billion from Rs 180.25 billion, while income from investments rose to Rs 74.42 billion from Rs 24.24 billion.

Expenses of management increased by 25%, however, to Rs 17.59 billion compared to Rs 14.02 billion.

“The company has maintained its leadership position in individual rated premium of 111.4 billion with 25.7% private market share in the first nine months of FY 23,” it said.The insurer’s assets under management (AuM) stood at Rs 3 trillion.