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