SBI Life Insurance Co. Ltd. (SBI Life) reported over two-fold jump in net profit at Rs. 299.73 crores for the second quarter ended September of the current fiscal year. The life insurer had posted a net profit of Rs. 129.84 crores in the same quarter a year ago.
Total income rose 45 per cent to Rs. 18,458.25 crores during July-September period of 2020-21 from Rs. 12,745.38 crores in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing. Net premium income increased 22 per cent to Rs. 12,857.95 crores during the quarter under review from Rs. 10,111.51 crores a year ago.
Assets under management (AUM) grew to Rs. 1,86,360 crores as on September 30, 2020 from Rs. 1,54,760 crores as on September 30, 2019. The company has assessed the overall impact of the COVID-19 pandemic on its business and financials, including valuation of assets, policy liabilities and solvency for the period ended September 30, 2020, SBI Life said.
“Based on the evaluation, the company has kept additional reserve amounting to Rs. 64.76 crores resulting from COVID-19 pandemic over and above the policy level liabilities. The company will continue to closely monitor any future developments relating to COVID-19 which may have any impact on its business and financial position,” it added.
Shares of SBI Life closed 1.10 per cent higher at Rs. 778.75 apiece on the BSE.