SBI Life Insurance Q2 Profit Rallies 53% To Rs. 376.74 Cr, Stock Becomes Top Gainer On NSE

SBI Life Insurance Bank closed as a top gainer on NSE yesterday; the company also reported a strong Q2 earnings report. Its share price stood at Rs. 1,247.60, up marginally on October 21. SBI Life revealed that it has recorded a strong 53% YoY growth in profit at Rs. 376.74 crore in Q2, which was Rs. 246.62 crore in the year-ago quarter.

Total income of SBI stood at Rs. 27,525 crore, with an 8.3% YoY growth. Its net premium income also gained to Rs. 16,477 crore in Q2, up by 12.4% YoY, while the renewal premium income increased by 17.3% to Rs. 9,124 crore in the quarter.

In a statement, SBI Life stated, "We have registered a 22% growth in annual premium equivalent (APE) YoY to Rs. 6,830 crore, and 53% YoY increase in value of new business to Rs. 2,120 crore with value of new business margin rising by more than 6% points to 31% in half year ended September FY23."

In the last 5 days, the share of SBI Life gained by 5.87%, and stock gained by 14.33% in the last 6 months. In the last 1 year also its share price gained by 6.89%. It is a large-cap stock with a market capitalization of Rs. 124,723 crore.

The 52-week high level of this stock is Rs. 1,340.35, and the 52-week low level of this stock is Rs. 1,003.50.

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, brokerage firm, and the author are not liable for any losses caused as a result of decisions based on the article.