NEW DELHI: SBI Life Insurance Company today reported 13 per cent rise in net profit to Rs 350 crore for the June quarter of the current fiscal. It had registered a net profit of Rs 310 crore in the April-June quarter of last fiscal, 2017-18.
Its net premium income grew to Rs 4,754.52 crore in the first quarter of 2018-19, up 26.36 per cent from Rs 3,762.58 crore in the year-ago period, SBI Life said in a regulatory filing.
The company's assets under management (AUM) were up 18.8 per cent at Rs 1,20,280 crore as on June 30.
Solvency ratio stood at 2.14 per cent at the end of first quarter of the current fiscal, as against 2.11 per cent a year ago. The regulatory requirement of solvency ratio — an indicator of a company's ability to meet its debt and other obligations — is 1.50 per cent.
SBI Life is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif SA.
The company's stock ended 2.15 per cent higher at Rs 672.70 on BSE.
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