SBI Life Insurance reported Q4 results: Net profit grew by 4% at Rs 810 crore

SBI Life Insurance on April 26 reported net profit of Rs 810 crore for the March quarter, up 4 ℅ from the year-ago period.

The insurer’s net premium income stood at Rs 25,116 crore as against Rs 19,896 crore last year. The solvency ratio fell to 1.96 percent as against 2.15 percent last year.

For the year ending March 2024, the insurer’s annual premium equivalent (APE) stands at Rs 19,720 crore with 17 per cent year-on-year growth. The value of new business margin (VNB) for the year stood at 28.1 percent.

The insurer’s total assets under management stood at Rs 3.88 lakh crore as against Rs 3.07 lakh crore. The insurer also declared a dividend of Rs 2.7 per share.

The stock closed at Rs 1418.90 on BSE, down about 1.74 per cent from its previous close.