24 Jan , 2022 By : monika singh
NEW DELHI: Shares of SBI Life NSE -2.71 % Insurance tumbled along with the broader market on Monday, with the stock losing 2 per cent in early trade despite the insurer reporting a 56 per cent rise in net profit for the October-December period.
The company posted a net profit of Rs 364 crore in the third quarter of the current financial year as against Rs 233 crore over the same period a year ago.
The counter fell to a low of Rs 1,213.90 as against Rs 1,240.65 at previous close on the National Stock Exchange.
The company said its net premium income rose 30.39 per cent year-on-year (YoY) to Rs 18,025 crore from Rs 13,766 crore in the same quarter a year ago.
A poll by ETNow had projected net profit at Rs 290 crore and net premium income at Rs 17,300 crore.
The company said for the quarter under review, it saw strong growth in individual new business premiums at 43 per cent to 11,610 crore. Protection new business premium increased by 26 per cent from 1620 crore in this fiscal so far to Rs 2,040 crore.
“Value of New Business (VoNB) increased by 54 per cent to 22.3 billion in 9MFY22. VoNB margin increased by 260 bps from 19.3 per cent to 21.9 per cent. Additional reserve of 2.7 billion towards COVID-19 pandemic has been kept as of December 31, 2021,” the company was quoted as saying in reports.
Asset under management (AUM) grew by 23 per cent from Rs 2,09,500 crore as of December 31, 2020, to Rs 2,56,870 crore as of December 31, 2021, with a debt-equity mix of 71:29, the company said, adding that over 96 per cent of the debt investments are in AAA and Sovereign instruments.
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