SBI Life Insurance Q4 net profit up 16 pc to Rs 531 crore

SBI Life’s assets under management grew 14 per cent to Rs 1.6 lakh crore last fiscal from Rs 1.41 lakh crore in 2018-19 with a debt-equity mix of 79:21.

Avatar Written by May 6, 2020 10:47

Mumbai (Maharashtra): SBI Life Insurance on Tuesday posted 16 per cent increase in its net profit for the fourth quarter (January to March) of fiscal 2019-20 at Rs 531 crore as against Rs 458 crore in the year-ago period.

The net premium income grew by 4.6 per cent to Rs 11,863 crore from Rs 11,333 crore in the same period.
In the entire fiscal 2019-20, the life insurer registered a net profit of Rs 1,422 crore which was 7.2 per cent higher than the net profit of Rs 1,327 crore in 2018-19.

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“New business premium has shown a steady growth of 20 per cent. It increased from Rs 13,790 crore in 2018-19 to Rs 16,590 crore in 2019-20,” the company said in a statement.

SBI Life’s assets under management grew 14 per cent to Rs 1.6 lakh crore last fiscal from Rs 1.41 lakh crore in 2018-19 with a debt-equity mix of 79:21.

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The solvency ratio as on March 31 this year was at 1.95 as against the regulatory requirement of 1.5. (ANI)