SBI Life Q2 Profit Surges 39% to Rs 529 cr

New Delhi, Oct 23 (PTI) SBI Life Insurance on Wednesday reported a 39 per cent increase in net profit at Rs 529 crore for the second quarter ended September 30 of this fiscal.

The insurer had posted a profit of Rs 380 crore in the July-September quarter of the last financial year.

Total income of the insurance firm promoted by State Bank of India rose to Rs 40,015 crore during the quarter under review, as compared to Rs 28,569 crore in the same period a year ago.

The company collected a net premium of Rs 20,266 crore in the July-September period, up from Rs 20,050 crore in the year-ago period.

The first-year premium was Rs 4,916 crore, as against Rs 4,633 crore in the July-September period of last fiscal.

Its assets under management climbed 28 per cent to Rs 4.4 lakh crore as of September 30, 2024.

The solvency ratio was 204 per cent at the end of September, as against the regulatory requirement of 150 per cent.

The company's net worth increased by 16 per cent from Rs 13,970 crore as on September 30, 2023 to Rs 16,260 crore as on September 30, 2024, it said.