SBI Life Q3 net surges 71% to ₹550.82 cr. on higher premium income 

SBI Life Insurance Company’s net profit for the third quarter ended December increased more than 71% to ₹550.82 crore from ₹321.75 crore a year ago.

Net premium income rose over 11% to ₹24,827.54 crore (₹22,316.47 crore). Total income, however, declined to ₹18,542.16 crore (₹38,803.36 crore) on the back of a loss of ₹6,281.65 crore on investment income (net of amortisation and losses, including capital gains). In the corresponding period of previous fiscal, the investment income was ₹16,468.64 crore.

Solvency ratio of the private life insurance company promoted by State Bank of India for the quarter was 2.04% (2.09%).

In a release on the performance for the nine months ended December, SBI Life said the net profit rose nearly 48% at ₹1,599.79 crore (₹1,082.98 crore). Net premium increased to ₹60,199.12 crore (₹55,470.63 crore).