SBI Life Insurance, a subsidiary of State Bank of India on Thursday reported a 20 per cent increase in net profit to Rs 457.68 crore in the quarter ended March 31.
The company’s net profit was Rs 381.21 crore in the January-March quarter of the previous fiscal.
The total income of the private sector life insurer also increased to Rs 15,600.97 crore in the fourth quarter of 2018-19, against Rs 10,052.32 crore in the year-ago period.
For the entire financial year, the insurer’s net profit increased to Rs 1,326.80 crore, compared with Rs 1,150.38 crore in the previous financial year.
The value of new business (VNB) stood at Rs 1,720 crore for 2018-19, up by 24 per cent over the previous financial year.
VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract.
SBI Life is joint venture between the country’s largest lender State Bank of India (SBI) and BNP Paribas Cardif SA, a global insurance companies of the Europe.