New Delhi: SBI Life Insurance Co Ltd on Thursday reported 13.4% rise in net profit at Rs381.21 crore in March quarter of 2017-18. The company’s net profit was Rs336.05 crore in the January-March quarter of 2016-17.
The total income of the private sector life insurer however came down to Rs10,052.32 crore in the fourth quarter of last fiscal, as against Rs10,775.70 crore in the year ago period.
For the entire fiscal 2017-18, SBI’s net profit increased to Rs1,150.38 crore, from Rs954.65 crore in 2016-17, SBI Life said in a regulatory filing. The total income last fiscal grew to Rs33,760.54 crore, compared to Rs30,276.42 crore in the previous fiscal.
The value of new business (VNB) stood at Rs1,390 crore for 2017-18, up by 34%. The embedded value increased to Rs19,070 crore, registering a growth of 15.3% year on year.
New business annualised premium equivalent increased by 26.9% in 2017-18 to Rs8,540 crore from Rs6,730 crore in preceding fiscal, the company said in a statement.
Based on individual rated premium (IRP), SBI Life said its market share increased from 20.7% in 2016-17 to 21.8% in fiscal ended March 2018. While the overall market share (on IRP) grew to 12.3% from 11.1%.
SBI Life is joint venture between country’s largest lender State Bank of India (SBI) and BNP Paribas Cardif SA, a global insurance companies of the Europe. Stock of SBI Life closed 0.43% down at Rs762.35 on BSE today.