SBI Life Insurance Company reported a net profit of Rs 532.38 crore in Q4 FY21 compared with net profit of Rs 530.67 crore in Q4 FY20.
Net premium income increased 31.1% to Rs 15,555.74 crore in Q4 FY21 over Q4 FY20. The company's net income from investments stood at Rs 4,505.94 crore in Q4 March 2021 compared with loss of Rs 6,677.19 crore in Q4 March 2020.
Profit before tax was at Rs 622.13 crore in Q4 FY21, up 19.3% from Rs 521.59 crore in Q4 FY20. The company made a provision of Rs 89.75 crore during the quarter for taxes.
SBI Life reported 2.4% rise in net profit to Rs 1,455.85 crore on 23.4% increase in net premium income to Rs 49,768.28 crore in the year ended 31 March 2021 over the year ended 31 March 2020.
Value of New Business (VoNB) rose 16% to Rs 2330 crore in FY21 from Rs 2010 crore in FY20. VoNB margin increased by 170 bps to 20.4% in FY21 from 18.7% in FY20.
The 13th month persistency grew to 87.92% in FY21 from 86.14% in FY20. The 61st month persistency rose marginally to 61.63% in FY21 from 59.9% in FY20.
Assets under Management (AuM) has grown by 38% from Rs 1,60,360 crore as on 31 March 2020 to Rs 2,20,870 crore as on 31 March 2021 with debt-equity mix of 73:27 and more than 90% of the debt investments are in AAA and Sovereign instruments.
The company's net worth increased by 19% from Rs 8740 crore as on 31 March 2020 to Rs 10,400 crore as on 31 March 2021.
The solvency ratio as on 31 March 2021 was at 2.15 as against the regulatory requirement of 1.50.
SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 225,381 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.
The scrip 3.36% to end at Rs 959.45 on Monday.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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