BENGALURU (Reuters) – India’s SBI Life Insurance Co reported a 53% jump in second-quarter profit on Friday, helped by a rise in premiums and as its worth of latest business grew.
Insurance penetration has historically been low in India, however that’s slowly altering, particularly as extra individuals rushed to purchase new insurance policies after the pandemic.
Profit rose to three.77 billion Indian rupees ($45.5 million) in the three months ended Sept. 30, from 2.47 billion rupees a 12 months earlier, the corporate stated in an change submitting.
Net premium revenue rose 12.4% to 164.77 billion rupees, whereas revenue from investments rose 2.8% to 110.37 billion rupees.
SBI Life’s worth of latest business, or the current worth of anticipated future earnings from new insurance policies, rose 53% to 21.2 billion rupees between April and September.
Its worth of latest business margin, a measure of the anticipated profitability of latest business, rose by 630 foundation factors to 31% in the primary half.
Embedded worth, a measure of future money flows for all times insurers and a key monetary gauge, stood at 424.1 billion rupees as of the top of September. ($1 = 82.8510 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Savio D’Souza)
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