SBI Life Insurance posts higher Q3 profit on policy renewals, new sales

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SBI Life Insurance posts higher Q3 profit on policy renewals, new sales

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SBI Life Insurance posts higher Q3 profit on policy renewals, new sales

//business-finance.news-articles.net/content/202 .. gher-q3-profit-on-policy-renewals-new-sales.html

Published in Business and Finance on Friday, January 17th 2025 at 7:40 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source
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SBI Life Insurance reported a 5% increase in its third-quarter profit, driven by higher policy renewals and new sales. The company's net profit rose to 3.83 billion rupees ($46.1 million) for the quarter ending December 31, up from 3.65 billion rupees the previous year. This growth was supported by a 17% increase in the value of new business (VNB), which measures expected profit from new policies, and a 34% rise in the VNB margin to 29.7%. Additionally, SBI Life's net premium income grew by 15% to 201.17 billion rupees, with the annualized premium equivalent (APE) increasing by 16%. The company also saw a 21% rise in its assets under management to 3.71 trillion rupees. Despite these gains, the profit was slightly below analysts' expectations due to higher expenses.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/sbi-life-insurance-posts-higher-q3-profit-policy-renewals-new-sales-2025-01-17/ ]

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