SBI Life, which debuted in the capital markets in October last year, today reported 20.9 per cent growth in net profit during the quarter ended December 31 at Rs 230 crore compared to the same period last year.
The private insurer's PAT stood at Rs 190 crore during the corresponding period last year, a release said.
The new business APE grew by 41.9 per cent in third quarter to Rs 2,315.83 crore from Rs 1,620.99 crore in the same period last year.
Individual rated premium of the company grew by 38.2 per cent during the third quarter to Rs 2,286.03 crore compared to Rs 1,654.57 crore in the corresponding period of last year.
Renewal premium grew by 31.6 per cent in the third quarter Rs 3,904.06 crore from Rs 2,965.68 crore in the same period last year.
Total Premium (GWP) increased by 29.5 per cent to Rs 2,457.15 crore from Rs 1,785.94 crore in the third quarter of last fiscal.
The asset under management (AuM) has grown by 23 per cent to Rs 1,11,630 crore as of December 31 from Rs 90,720 crore from a year ago.
Meanwhile, the company's Value of New Business (VNB) stood at Rs 930 crore for nine months of FY18, while its VNB margin was at 16 per cent in FY18 compared to 15.4 per cent for FY17.
SBI Life Insurance, established in 2001, is a joint venture between State Bank of India and BNP Paribas Cardif SA and is one of the leading life Insurance companies in India.
Disclaimer: No Business Standard Journalist was involved in creation of this content
