SBI Life Insurance Q3 profit falls over 16 pc to Rs 304 cr

Private sector SBI Life Insurance on Saturday reported more than 16 per cent decline in net profit at Rs 304 crore in the third quarter ended December 2022. The insurer’s profit stood at Rs 364 crore in the same quarter of the previous fiscal, SBI Life said in a regulatory filing. Total income increased to Rs 26,626.71 crore in the latest December quarter from Rs 20,458.31 crore in October-December 2021. The company’s solvency ratio too improved to 225 per cent from 209 per cent as on December 31, 2021. The regulatory requirement is 150 per cent. The asset under management (AUM) grew by 17 per cent from Rs 2,56,870 crore as on December 31, 2021 to Rs 2,99,990 crore as on December 31, 2022 with debt-equity mix of 71:29, it said. For the nine months period ended December, the life insurer posted a profit Rs 940 crore as against Rs 830 crore in the same period a year ago.