SBI Life Insurance trades under pressure on lackluster numbers in Q3FY23

23 Jan 2023 , 10:40 AM

SBI Life Insurance reported a more than 16% drop in net profit to Rs304 crore in the third quarter ended December 2022 on Saturday. In the same quarter of the previous fiscal, the insurer’s profit was Rs364 crore, according to a regulatory filing by SBI Life.

Total income increased to Rs26,626.71 crore in the December quarter, up from Rs20,458.31 crore in the October-December 2021 quarter.

The company’s solvency ratio increased from 209% to 225%. The regulatory standard is 150%.

It stated that the asset under management (AUM) increased by 17% from Rs2,56,870 crore on December 31, 2021, to Rs2,99,990 crore on December 31, 2022, with a debt-equity mix of 71:29.

The life insurer made a profit of Rs940 crore for the nine months ended December, up from Rs830 crore in the same period last year.

At around 10.37 AM, SBI Life Insurance was trading 0.52% lower at Rs1,289.40 apiece, against the previous close of Rs1,296.10 on NSE. The counter opened at Rs1,285 and hit an intraday low of Rs1,280.

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