SBI Life Insurance Company rose 3.49% to Rs 884.25 after the life insurer posted a 5.1% rise in net profit to Rs 390.89 crore in Q1 June 2020 from Rs 371.9 crore registered in Q1 June 2019.
Net premium income rose 14% to Rs 7,588 crore in Q1 June 2020 from Rs 6,655 crore in Q1 June 2019. Profit before tax stood at Rs 387.68 crore in Q1 June 2020, rising 2.6% from Rs 377.84 crore in Q1 June 2019.Value of New Business decreased by 29% to Rs 240 crore in Q1 June 2020 over Q1 June 2019. New business margin improved to 18.7% in Q1 June 2020 from 17.9% in Q1 June 2019.
The company's operating expense ratio declined to 7% in Q1 June 2020 from 7.3% in Q1 June 2019. Commission ratio decreased to 3.1% in Q1 June 2020 from 3.8% in Q1 June 2019.
SBI Life's Asset Under Management (AUM) has grown 19% from Rs 146950 crore as on 30 June 2019 to Rs 175350 crore as on 30 June 2020 with debt-equity mix of 76:24. Over 90% of the debt investments are in AAA and Sovereign instruments. Solvency ratio stood at 2.39% in Q1 June 2020, improving from 2.17% in Q1 June 2019.
The annualized premium equivalent (APE), a measure of new business written by a life insurance company, fell 32% to Rs 1270 crore in Q1 June 2020 as against Rs 1860 crore in the same period last year.
The company's net worth increased by 17% to Rs 9310 crore in Q1 June 2020 from Rs 7940 crore in Q1 June 2019.
SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 190,696 trained insurance professionals consisting of agents, CIFs and SPs along with 940 offices across country.
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