NEW DELHI, Feb 3: SBI Life Insurance, a subsidiary of State Bank of India, today posted 43 per cent jump in net profit at Rs 156 crore for the third quarter ended December 2014.
The new business premium of the company grew 25 per cent to Rs 1,633 crore during the quarter as against Rs 1,303 crore in the same period last year, SBI Life Insurance said in a statement.
The collection of renewal premiums recorded a growth of 33 per cent at Rs 1,958 crore from Rs 1,472 crore over the corresponding quarter last year.
Commenting on the results, Arijit Basu, Managing Director and CEO of SBI Life Insurance, said: “We look forward to ending the last quarter of the year on a strong note.”
For the three quarters ended December, the net profit rose by 14 per cent to Rs 615 crore.
At the same time, during the nine months of 2014-15, the new business premiums rose by 11 per cent to Rs 3,362 crore and renewal premium was up by 33 per cent to Rs 4,402 crore.
Assets under management grew by 23 per cent to Rs 67,323 crore as on December 31, 2014.
SBI Life Insurance had a strong solvency ratio of 2.27 as against the regulatory mandate of 1.5.
The company’s net worth stood at Rs 3,980 crore, a growth of 32.5 per cent over last year. (PTI)
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