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SBI Life Insurance, a subsidiary of State Bank of India, today posted 43% jump in net profit at Rs 156 crore for the third quarter ended December 2014.
The new business premium of the company grew 25% to Rs 1,633 crore during the quarter as against Rs 1,303 crore in the same period last year, SBI Life Insurance said in a statement.
The collection of renewal premiums recorded a growth of 33% at Rs 1,958 crore from Rs 1,472 crore over the corresponding quarter last year.
Commenting on the results, Arijit Basu, Managing Director and CEO of SBI Life Insurance, said: "We look forward to ending the last quarter of the year on a strong note."
For the three quarters ended December, the net profit rose by 14% to Rs 615 crore.
At the same time, during the nine months of 2014-15, the new business premiums rose by 11% to Rs 3,362 crore and renewal premium was up by 33% to Rs 4,402 crore.
Assets under management grew by 23% to Rs 67,323 crore as on December 31, 2014.
SBI Life Insurance had a strong solvency ratio of 2.27 as against the regulatory mandate of 1.5.
The company's net worth stood at Rs 3,980 crore, a growth of 32.5% over last year.
