SBI Life Insurance Q1FY25: Net profit grows 36% YoY to Rs 519 cr; Value of New Business up by 12%
Mumbai: SBI Life Insurance reported a net profit of Rs 519 crore for the June quarter, up 36% YoY compared to the same period last year.
The insurer's annualized premium equivalent (APE) reached Rs 36,400 crore, reflecting year-on-year growth.
The Value of New Business (VoNB) for the quarter was Rs 970 crore, a 12% increase, with a VoNB margin of 26.8%.
The solvency ratio decreased to 2.01% from 2.15% in the previous year.
The gross written premium rose year-on-year to Rs 15,570 crore, up from Rs13,560 crore.
Additionally, the insurer saw strong growth in 49th-month and 61st-month persistency rates, improving by 259 and 229 basis points, respectively, due to a focus on enhancing business quality and customer retention.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Alia Bhatt's birthday wish for Ranbir Kapoor feature their romantic moment, Raha's handwritten card and more
'Waiting for permission from Mohsin Naqvi': BJP slams Rahul and Congress for not congratulating Team India over Asia Cup win
BCCI upset with Mohsin Naqvi for taking away Asia Cup trophy and medals with him, set to launch protest
Operation Sindoor on games field, India wins: PM Modi jibes Pak in congratulatory message for his country
