SBI Life Q2 net falls 48 pc to Rs 130 cr

SBI Life Insurance on Tuesday reported an over 48 percent decline in its net profit at Rs 129.84 crore in the second quarter ended September of the current fiscal year (2019-20). The life insurer had registered a net profit of Rs 250.53 crore in the corresponding July-September period of the previous fiscal 2018-19.

The company's total premium income during July-September rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period, SBI Life said in a regulatory filing. The company said its new business premium (NBP) rose 40 percent to Rs 7,820 crore in the second half of the current fiscal as against Rs 5,570 crore in the year-ago period.

It said the company showed a strong 13th-month persistency of 85.81 percent in the first half of 2019-20 as compared to 83.20 percent a year ago, while 49th-month persistency improved to 67.94 percent in the first half as against 64.36 percent a year ago. Assets under management grew 23 per cent to Rs 1,54,760 crore as on September 30, 2019 from Rs 1,26,170 crore as on September 30, 2018 with debt-equity mix of 77:23.

Shares of SBI Life closed 1.34 percent higher at Rs 839.65 on the BSE on Tuesday.