New Delhi: Private sector SBI Life Insurance on Saturday reported a more than 16 percent decline in net profit at Rs 304 crore in the third quarter ended that December 2022. The insurer's profit stood at Rs 364 crore in the same quarter of the previous fiscal, SBI Life said in a regulatory filing.
Total income increased to Rs 26,626.71 crore in the latest December quarter from Rs 20,458.31 crore in October-December 2021. (Also Read: PRICE DROP ALERT! iPhone 12 cost reduced from Rs 59,900 to Rs 34,999; Check Flipkart and Amazon discount offers)
The company's solvency ratio too improved to 225 percent from 209 percent as on December 31, 2021. The regulatory requirement is 150 percent. (Also Read: Union Budget 2023: From tax relief to creating jobs, five MAJOR expectations from upcoming budget)
The asset under management (AUM) grew by 17 percent from Rs 2,56,870 crore as on December 31, 2021, to Rs 2,99,990 crore as on December 31, 2022, with a debt-equity mix of 71:29, it said.
For the nine months period that ended December, the life insurer posted a profit of Rs 940 crore as against Rs 830 crore in the same period a year ago.
