Net premium income in the second quarter increased by 27.16% to Rs 12,857.95 crore as against Rs 10,111.51 crore recorded in the same period last year.
The company's income from investments (net) surged by 113.09% to Rs 5,590.37 crore in Q2 FY21 from Rs 2,623.46 crore in Q2 FY20.
Profit before tax in Q2 September 2020 stood at Rs 299.58 crore, up 151.30% compared with Rs 119.21 crore in Q2 September 2019. The company wrote back tax provisions worth Rs 16 crore during the quarter.
Value of New Business decreased by 12% to Rs 750 crore in H1 FY21 from Rs 850 crore in H1 FY20. New business margin stood at 18.8% in H1 FY21 as compared to 18.1% in H1 FY20.
The company's operating expense ratio declined to 5.4% in H1 FY21 from 6.4% in H1 FY20. Commission ratio decreased to 3.2% in H1 FY21 from 4% in H1 FY20.
The company's net worth increased by 20% to Rs 9,660 crore as on 30 September 2020 from Rs 8,070 crore as on 30 September 2019.
The solvency ratio as on 30 September 2020 was at 2.45 as against the regulatory requirement of 1.50.
The life insurer's assets under management (AuM) have grown by 20% from Rs 1,54,760 crore as on 30 September 2019 to Rs 1,86,360 crore as on 30 September 2020 with debt-equity mix of 76:24. 90% of the debt investments are in AAA and Sovereign instruments.
SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 190,696 trained insurance professionals consisting of agents, CIFs and SPs along with 940 offices across country.
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