SBI Life Insurance reported a 14% rise in net profit for the June quarter. Net profit rose to ₹594 crore from ₹520 crore a year ago. Renewal premiums stayed strong, driving growth.The insurer said demand for its policies remains steady.
Net premium income grew 14% year-on-year to about ₹17,178 crore, up from ₹15,105 crore
in the same quarter last year.
However, profit dropped 27% compared to ₹814 crore in the March quarter.ALSO READ | Motilal Oswal Q1 Results: Capital markets, private wealth business drive growthFirst-year premium stood at around ₹35,390 crore. This was lower than ₹48,590 crore in Q4 but higher than ₹31,460 crore a year ago.
Renewal premium came in at about ₹1.05 lakh crore for the quarter.
The company expects renewals to remain a key growth driver in the coming quarters.
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