SBI Life Insurance jumps up to 4% amid heavy volume on bulk deal buzz

SBI Life Insurance jumped 3.6 per cent to a high of Rs 1,116.70 in Tuesday's intra-day trade amid reports of a block deal. The counter witneesed significant jump in volume with around 96,000 shares traded on the BSE as against its two-week daily average volume of around 34,000 shares. Similarly, 16.91 lakh shares exchanged hands in the first hour of trades on the NSE as against a total of 9.26 lakh shares traded on Monday.

According to media reports, Canada Pension Fund was to sell its 0.56 per cent stake in the company in a price band of Rs 1,039 - Rs 1,077.

At 10:40 AM, the stock pared gains but was still up 1.3 per cent at Rs 1,091 as against a 0.3 per cent rise on the S&P BSE Sensex.

For the quarter ended December 2021, the state-run insurer reported a 56.4 per cent YoY jump in Q3 net profit at Rs 364.06 crore, while net sales grew by 22.6 YoY to Rs 20,671.96 crore.

The company had recently declared an intreim dividend of Rs 2 per share.

In February, SBI Life reported individual APE growth of 0.3 per cent YoY and YTDFY22 growth of 29.7 per cent YoY. The number of individual policies sold was up 8.3 per cent YoY and is up ~12 per cent YoY YTDFY22. The company saw a strong pick-up in ULIPs, with a growth of 28 per cent YoY in 3QFY22. Non-par savings segment, where growth was lackluster in 1QFY22, has seen tremendous growth in 2QFY22 and 3QFY22.