SBI Life Q2 net profit falls 48% to Rs 130 crore
SBI Life Insurance Company reported a net profit of `129.84 crore for the three month ended September, a fall of 48.17% compared to `250.53 crore in September quarter last year. Even for the first six months of the current financial year, SBI Life Insurance reported a net profit of `501.75 crore, down 17% compared to `604.84 crore in the first six months of FY19.
Despite the fall in profit, SBI Life registered a growth of 40% in its new business premium (NBP) to `7,817 crore for the half year ended on 30th September, 2019 as against `5,573 crore for the half year ended September 30, 2018.
SBI Life’s protection new business premium collection stood at `929 crore for the half year ended September 30, 2019 registering a 59% increase over `586 crore for the half year ended September 30, 2018.
Individual new business premium collection increased by 30% to `4,848 crore from `3,719 crore over the corresponding period a year ago.