SBI Life net profit rises 20 pct to Rs 458 crore in Q4 2018-19

SBI Life Insurance, a subsidiary of State Bank of India, Thursday reported a 20 per cent increase in net profit to Rs 457.68 crore in the quarter ended March 31. The company's net profit was Rs 381.21 crore in the January-March quarter of the previous fiscal.

The total income of the private sector life insurer also increased to Rs 15,600.97 crore in the fourth quarter of 2018-19, against Rs 10,052.32 crore in the year-ago period. For the entire financial year, the insurer's net profit increased to Rs 1,326.80 crore, compared with Rs 1,150.38 crore in the previous financial year.

The value of a new business (VNB) stood at Rs 1,720 crore for 2018-19, up by 24 per cent over the previous financial year. VNB is used to measure the profitability of the new business written in a period. It is the present value of all future profits to shareholders measured at the time of writing of the new business contract.

SBI Life is a joint venture between the country's largest lender State Bank of India (SBI) and BNP Paribas Cardif SA, a global insurance company of Europe.