SBI Life Insurance Q1 Profit Surges 36% to Rs 520 Cr

New Delhi, Jul 24 (PTI) SBI Life Insurance on Wednesday reported a 36.48 per cent year-on-year growth in net profit to Rs 520 crore for the June 2024 quarter.

The company's profit after tax stood at Rs 381 crore in the April-June quarter of financial year 2023-24.

SBI Life Insurance said it registered a new business premium of Rs 7,033 crore during the period under review compared to Rs 6,207 crore in the June 2023 quarter.

Its regular premium has increased by 19 per cent over the corresponding period ended on June 30, 2023.

"Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs 720 crore for the period ended June 30, 2024. Protection Individual new business premium stands at Rs 150 crore for the period ended June 30, 2024," the insurer said in a filing.

Individual new business premium stood at Rs 4,749 crore with 17 per cent growth over the year-ago period.

SBI Life said its AUM also continued to grow 26 per cent to Rs 4,14,772 crore as on June 30, 2024, from Rs 3,28,283 crore as on June 30, 2023, with the debt-equity mix of 62:38.

Over 95 per cent of the debt investments are in AAA and sovereign instruments, it added.

The company has a diversified distribution network of 3,27,038 trained insurance professionals and a wide presence with 1,062 offices across the country, comprising of bancassurance channel, agency channel and others, including corporate agents, brokers, insurance marketing firms, web aggregators and direct business.

Shares of the company settled 2.29 per cent higher at Rs 1,634.10 apiece on the BSE.