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SBI Life Insurance Company reported a net profit of Rs 250.53 crores, posting an 11 per cent rise in the second quarter ended September of the current fiscal as compared to Rs 225.47 crores in the corresponding quarter of the previous fiscal.
SBI Life said in a regulatory filing that the gross premium income (first year, renewal and single premium combined) rose to Rs 7,685.47 crore during the September quarter, up from Rs 5,460.06 crore in the same period a year ago.
According to the SBI Life, the assets under management rose 20 per cent YoY to Rs 1.26 lakh crores as on September 30, 2018. The insurer also said 90 per cent of the debt investments are in AAA and sovereign instruments.
The collective income from net premium, investments, other sources and transfer of funds from shareholders’ accounts was at Rs 9,638.27 crore in the second quarter of 2018-19, up from Rs 7,734.24 crore in year-ago September quarter.
The annualised premium equivalent (APE) stood at Rs 3,700 crore, a 9.6 per cent YoY rise in H1FY19. APE refers to 100 per cent of the regular premiums and 10 per cent of the single premiums. The company’s net worth increased by 14.7 per cent YoY to Rs 7,090 crore at the end of September 30, 2018.
SBI Life said, “The company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro-agents, common service centres, insurance marketing firms, web aggregators and direct business.”
