SBI Life Q3 profit up 47 pc at Rs 390 crore

New Delhi, Jan 22 () SBI Life Insurance on Wednesday reported a 47.4 per cent growth in profit after tax (PAT) at Rs 389.44 crore for the third quarter ended December 2019.

The private insurer's PAT stood at Rs 264.28 crore during the October-December period last year, the insurer said in a regulatory filing.

Assets under management (AUM) increased to Rs 1,64,190 crore as compared to Rs 1,34,150 crore at the end December 31, 2018.

Established in 2001, SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif SA, and is one of the leading life insurance companies in India.

During the period ended December 31, 2019, the company classified its investment in Dewan Housing Finance Ltd (DHFL) bonds as NPA on account of default in interest and principal repayment of non-convertible debenture (NCDs) held in Unit Linked Funds, it said.

The provision of Rs 157 crore, including Mark to Market (MTM) change in fair value of Rs 116 crore, under unit linked fund and Rs 113 crore under shareholders funds in nine month of 2019-20 has been recognized, it added.

The company's solvency ratio was at 2.30 as on December 31, 2019 as against the regulatory requirement of 1.50, it said. DP RVK

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