SBI Life Insurance, a private sector company, reported a net profit decrease of more than 16% to Rs 304 crore in the third quarter ended December 2022.
According to a regulatory statement, SBI Life’s earnings in the same quarter of the previous fiscal were Rs 364 crore.
Total income grew to Rs 26,626.71 crore in the December quarter, up from Rs 20,458.31 crore in the October–December 2021 period.
The company’s solvency ratio also increased to 225 percent as of December 31, 2021, from 209 percent. The regulatory requirement is 150%. It stated that the asset under management (AUM) increased by 17% from Rs 2,56,870 crore on December 31, 2021, to Rs 2,99,990 crore on December 31, 2022, with a debt-equity mix of 71:29. For the nine months ended December, the life insurance company earned Rs 940 crore, up from Rs 830 crore at the same time last year.