Bengaluru:
India’s SBI Life Insurance Co on Friday reported a 53% increase in second-quarter profits, helped by a rise in premiums and as the value of new business grew.
Insurance penetration has traditionally been low in India, but that is slowly changing, especially as more people rushed to buy new policies after the pandemic.
Profits rose to 3.77 billion Indian rupees ($45.5 million) in the three months ended Sept. 30, from 2.47 billion rupees a year earlier, the company said in a stock exchange filing.
Net inflows increased 12.4% to 164.77 billion rupees, while investment income increased 2.8% to 110.37 billion rupees.
The value of new business from SBI Life, or the present value of projected future new business income, increased by 53% between April and September to 21.2 billion rupees.
The value of new production margin, a measure of the expected profitability of new business, increased by 630 basis points to 31% in the first half.
Embedded value, a measure of future cash flows for life insurers and an important financial measure, was 424.1 billion rupees at the end of September.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)