SBI Life Q1 results: Net profit sinks 43% YoY to Rs 223 cr
Published On: Monday, July 26, 2021 | By: Team KnowMyStock
SBI Life Insurance Company today(26th July 2021) reported a 43 percent year-on-year decline in its net profit to Rs 223 crore for the quarter ended March. The company's sharp decline in bottom line was on account of additional reserves of Rs 440 crore created by the life insurers towards Covid-19 pandemic-related claims that may come up in the coming quarters. The life insurer said that there was a 1.28 times increase in the number of claims reported from the end of the previous financial year to the end of the June quarter, reflecting the devastating impact of the second wave of Covid-19 pandemic on the country. The company said that the total number of claims in the reported quarter was at 8,956, while claims net of reinsurance stood at around Rs 570 crore.
Notwithstanding the impact of the second wave on the company’s bottomline, SBI Life Insurance had a stellar quarter on other fronts.
The life insurer reported 9 per cent year-on-year growth in new business premium in the quarter to Rs 3,350 crore, whereas value of new business surged 45 per cent year-on-year to Rs 343 crore.
Stock score of SBI Life Insurance Company Ltd moved down by 2 in an year on a 10-point scale.
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