SBI Life Insurance Company reported a 16.5% drop in net profit to Rs 304.13 crore in October-December of FY23 from Rs 364.06 crore posted in October-December of FY22.

Total income jumped 30.15% yearly to Rs 26,626.71 crore in Q3FY23. While the life insurer’s net premium income increased by 6.35% to Rs 19,170.80 crore, net income from investments surged by 207.04% to Rs 7,442.95 crore in Q3FY22.

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Profit before tax (PBT) in October-December of FY23 stood at Rs 310.79 crore, down by 18.51% from Rs 381.38 crore in October-December of FY22.

New Business Premium (NBP) grew by 14% to Rs 21,510 crore in 9MFY23, driven by solid growth in Regular Premium business by 22%.

SBI Life Insurance Company is one of India’s leading life Insurance companies. SBI Life Insurance Company has a solid distribution network of 990 offices, 20,286 employees, an extensive and efficient network of approximately 193,635 agents, 59 corporate agents and 14 bancassurance partners, and more than 38,000 Partnering affiliates, 129 brokers and other insurance marketing companies.

The scrip hits a high of 0.27% on BSE to trade at Rs 1,299.