On Friday, April 25, SBI Life Insurance’s shares are the talk of the town! The company just shared its earnings for the March quarter and here’s what you need to know.
SBI Life’s net profit increased a tiny bit—just 0.3% compared to last year. This means they made Rs 813.5 crore, up from Rs 810.8 crore last year. However, their total premium income fell by 5%, going down to Rs 23,861 crore from Rs 25,116 crore in the same period last year.
Good news comes from their first-year premiums, which rose by 7.3%! That’s Rs 4,858.7 crore this year compared to Rs 4,528.3 crore last year. Additionally, renewal premiums saw a nice jump of 12.9%, reaching Rs 14,680.3 crore, up from Rs 13,003.2 crore last year.
But wait, there was a big drop in single premiums, which fell by a whopping 42.1%! They went down to Rs 4,462.5 crore from Rs 7,709.5 crore.
On the brighter side, net commission went up by 17.2%, reaching Rs 998 crore compared to Rs 851 crore last year. The company is also doing a great job keeping its customers—more people kept their policies going, with the 13th-month persistency ratio improving to 86.64% from 85.76%. The longer-term (61 months) ratio also improved to 61.51%, up from 57.81%.
SBI Life’s assets under management (AUM) climbed 15% and now stands at Rs 4.48 lakh crore, compared to Rs 3.89 lakh crore last year. Most of their investments are safe—94% are in AAA-rated bonds and government securities.
As for the share price? SBI Life’s stock has gone up by 10.23% in the past year and is 14.87% higher this year so far. However, in the past six months, it dipped by 1.53%. In three months, it gained 11.65% and in just the past month, it’s up by 2.47%.
Stay tuned for more updates!
(Disclaimer: The views expressed here are based on expert opinions and do not represent the views of Thellv.news)
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