SBI Life Q2 Results: Net profit rises 1% to Rs 380 crore, misses Street estimates

Life insurer SBI Life on Friday reported a 0.9 per cent year-on-year increase in net profit to Rs 380.2 crore for the July-September period.

SBI Life Insurance Company (SBILIFE) on Friday reported a net profit of Rs 380.2 crore for the July-September period, an increase of 0.9 per cent compared with the corresponding quarter a year ago.

The life insurer's net premium income grew 21.7 per cent on a year-on-year basis to Rs 20,049.7 crore for the second quarter of the current financial year, according to a regulatory filing.

According to Zee Business research, SBI Life was expected to report a net profit of Rs 420 crore and net premium income of Rs 20,596 crore for the quarter ended September 30.

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The life insurance company's solvency ratio, which determines an insurance business's ability to meet its long-term debt obligations, stood at 212 per cent for the quarter ended September 2023 as against 219 per cent for the corresponding period a year ago.

Zee Business analysts had pegged the insurer's solvency ratio for the quarter under review at 217 per cent.

SBI Life shares slipped into negative territory after the earnings announcement, declining by as much as Rs 12.2, or 0.9 per cent, to Rs 1,294 apiece on BSE.

(This story will be updated shortly)

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SBI Life Q2 results