SBI Life Insurance, a joint venture between the country’s biggest bank and BNP Paribas Cardif, has posted an 11 per cent rise in net profit for the quarter ended September 30, 2018, driven by a rise in gross premium income.
Net profit during the quarter was Rs 250.53 crore against Rs 225.47 crore in the corresponding period a year ago.
The gross premium income, including the first year premium, renewal premium and single premium, rose 40 per cent to Rs 7,685.47 crore from Rs 5,460.06 crore a year ago.
The collective income from net premium, investments, other sources and transfer
of funds from shareholders’ accounts was Rs 9,638.27 crore in the second quarter of 2018-19, up from Rs 7,734.24 crore in year-ago September quarter.
The life insurer said it has seen an increase in both savings and protection business, reflecting a balanced product mix. It has also seen a growth in the new business premium in the first six months of the fiscal.
The assets under management has grown 20 per cent to Rs 1,26,170 crore as of September 30, 2018, from Rs 1,05,070 crore as of September 30, 2017. The solvency ratio of the life insurer was 2.21 against the regulatory requirement of 1.50.
“The company has a diversified distribution network comprising strong bancassurance channels, agency channel and others consisting of corporate agents, brokers, micro agents, common service centres, insurance marketing firms, web aggregators and direct business,” SBI Life said in a statement. There has been an improvement of new business through agency channels in the first half of the fiscal.
ICICI Lombard
ICICI Lombard General Insurance Company on Saturday reported a 43.6 per cent jump in net profit at Rs 293 crore for the second quarter ended September 30, 2018. The company’s net profit in the corresponding quarter of 2017-18 was Rs 204 crore.
The gross direct premium income of the company increased to Rs 3,530 crore in the September quarter, a growth of 11.3 per cent over Rs 3,173 crore in the same period previous fiscal.
The board of directors has also declared an interim dividend of Rs 2.50 per share for first half of 2018-19.
