NEW DELHI: SBI Life Insurance on Friday reported 4 per cent rise in web profit at Rs 811 crore for the fourth quarter ended March 2024 as worth of recent enterprise grew modestly.
The life insurer had posted a web profit of Rs 777 crore within the year-ago quarter.
Total earnings throughout January-March FY24 rose to Rs 37,567 crore from Rs 22,805 crore in the identical interval of FY23, SBI Life stated in a regulatory submitting.
Net premium earnings in Q4FY24 stood at Rs 25,116 crore as towards Rs 19,897 crore within the year-ago interval.
For the complete yr 2023-24, the corporate’s web profit grew 10 per cent to Rs 1,890 crore from Rs 1,720 crore within the earlier yr.
Total earnings in the course of the yr rose to Rs 1,32,631 crore from Rs 81,598 crore a yr in the past.
SBI Life stated it registered a development of 9 per cent within the worth of recent enterprise (VoNB) to Rs 5,550 crore in FY24.
VoNB is the current worth of anticipated future earnings from new insurance policies written throughout a specified interval. It displays the extra worth anticipated to be generated by means of the writing of recent insurance policies throughout a specified interval.
Assets underneath administration (AUM) grew 27 per cent to Rs 3.8 lakh crore as of March 31, 2024, it stated.
Solvency ratio declined to 196 per cent from 215 per cent within the earlier fiscal.
Solvency margin represents the extra capital that an insurer should keep to cowl potential claims past their anticipated liabilities.
This serves as a monetary security web, guaranteeing their capability to settle all claims even in probably the most difficult circumstances.
The life insurer had posted a web profit of Rs 777 crore within the year-ago quarter.
Total earnings throughout January-March FY24 rose to Rs 37,567 crore from Rs 22,805 crore in the identical interval of FY23, SBI Life stated in a regulatory submitting.
Net premium earnings in Q4FY24 stood at Rs 25,116 crore as towards Rs 19,897 crore within the year-ago interval.
For the complete yr 2023-24, the corporate’s web profit grew 10 per cent to Rs 1,890 crore from Rs 1,720 crore within the earlier yr.
Total earnings in the course of the yr rose to Rs 1,32,631 crore from Rs 81,598 crore a yr in the past.
SBI Life stated it registered a development of 9 per cent within the worth of recent enterprise (VoNB) to Rs 5,550 crore in FY24.
VoNB is the current worth of anticipated future earnings from new insurance policies written throughout a specified interval. It displays the extra worth anticipated to be generated by means of the writing of recent insurance policies throughout a specified interval.
Assets underneath administration (AUM) grew 27 per cent to Rs 3.8 lakh crore as of March 31, 2024, it stated.
Solvency ratio declined to 196 per cent from 215 per cent within the earlier fiscal.
Solvency margin represents the extra capital that an insurer should keep to cowl potential claims past their anticipated liabilities.
This serves as a monetary security web, guaranteeing their capability to settle all claims even in probably the most difficult circumstances.
