SBI Life Insurance rose 0.61% to Rs 978.95 after the company reported Q3 numbers during market hours today, 22 January 2020.
The life insurer's net profit jumped 47.48% to Rs 389.77 crore in Q3 December 2019 as against Rs 264.28 crore in Q3 December 2018. Net premium income rose 27.93% to Rs 11,694.51 crore in Q3 December 2019 from Rs 9141.26 crore in Q3 December 2018. Profit before Tax (PBT) rose 45.58% to Rs 394.91 crore in Q3 December 2019 over Q3 December 2018.Value of new business (VNB), used to measure profitability of the new business written in a period, rose 27% to Rs 1650 crore in the nine-months ended December 2019 (9M-FY2020) over the corresponding period of the previous year. VNB margin was 20.5% for 9M-FY2020 as compared to 19.6% for FY2019.
The annualized premium equivalent (APE), a measure of new business written by a life insurance company, surged 22% and stood at Rs 8050 crore for 9M-FY2020 as compared to Rs 6600 crore for in the nine-months ended December 2018 (9M-FY2019).
The company has registered growth in savings and protection business reflecting balanced product mix. Total protection new business premium has increased by 37% from Rs 1060 billion in 9M-FY2019 to Rs 1440 crore in 9M-FY2020.
The company's net worth increased by 16% to Rs 8480 crore as on 31 December 2019 from Rs 7330 crore as on 31 December 2018. The solvency ratio as on 31 December 2019 was at 2.30 as against the regulatory requirement of 1.50.
SBI Life, a leading life insurance company in India, offers a range of life insurance plans and policies.
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