SBI Life profit drops by 48%

New Delhi: SBI Life Insurance reported over 48 per cent decline in its net profit at Rs 129.84 crore in the second quarter ended September of the current fiscal year (2019-20). The life insurer had registered a net profit of Rs 250.53 crore in the corresponding July-September period of previous fiscal 2018-19.

The company’s total premium income during July-September rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period, SBI Life said in a regulatory filing. The company said its new business premium (NBP) rose 40 per cent to Rs 7,820 crore in the first half of the current fiscal as against Rs 5,570 crore in the year-ago period.

It said the company showed strong 13th month persistency of 85.81 per cent in first half of 2019-20 as compared to 83.20 per cent a year ago, while 49th month persistency improved to 67.94 per cent in the first half as against 64.36 per cent a year ago. Assets under management grew 23 per cent to Rs 1,54,760 crore as on September 30, 2019 from Rs 1,26,170 crore as on 30 September 2018 with debt-equity mix of 77:23. Shares of SBI Life closed 1.34 per cent higher at Rs 839.65 on the BSE.