SBI Life Q4 profit rises 13% YoY to Rs 381 crore

NEW DELHI: SBI Life Insurance Company on Thursday reported 13.44 per cent year-on-year rise in profit at Rs 381.21 crore for the quarter ended March 31. The insurer had posted a profit of Rs 336.05 crore in the corresponding quarter last year.

Net premium income increased 25.74 per cent to Rs 9,236.70 crore against Rs 7346.05 crore last year.

Earlier in the session, shares of SBI Life scaled fresh all-time high of Rs 770.95. However, the scrip later closed 0.43 per cent down at Rs 762.35.

The 13th-month persistency ratio (based on premium) advanced to 83.03 percent in FY18 compared with 81.07 percent last year. The insurer’s renewal premium increased 32.3 percent to Rs 14,388.05 crore in FY18.

Assets under management of SBI Life have increased by 19 per cent from Rs 97,740 crore as of March 31, 2017 to Rs 1,16,260 crore as of March 31, 2018.