SBI Life gains 4 pc as Q1 net profit rises

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New Delhi, Jul 21 (PTI) Shares of SBI Life Insurance on Tuesday rose 4 per cent after the company reported a 5 per cent increase in net profit for the first quarter of current fiscal.

The scrip closed with a gain of 3.96 per cent at Rs 888.25 on the BSE. During the day, it jumped 4.86 per cent to Rs 896.

On the NSE, it rose 3.96 per cent to close at Rs 888.35.

SBI Life reported a 5 per cent increase in net profit at Rs 390 crore for the first quarter of the current fiscal.

The private sector life insurer, promoted by the country’s largest lender SBI, had posted a net profit of Rs 370 crore during the corresponding April-June period of 2019-20.

The company’s gross written premium during Q1 FY21 rose by 14 per cent to Rs 7,640 crore as against Rs 6,690 crore in the same quarter of the preceding fiscal, SBI Life said in a release.

Renewal premium income grew by 30 per cent to Rs 4,580 crore, but there was a fall of 3 per cent in new business premium income at Rs 3,060 crore during the quarter under review.

Source:PTI

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