SBI Life Reports Profit Dip but Premiums Rise Amid GST Reforms
SBI Life Insurance reported a 6.6% decline in net profit for the September quarter. However, net premium income rose significantly. CEO Amit Jhingran highlighted government GST reforms as pivotal for market growth and accessibility. Shares closed slightly lower on the BSE following the announcement.
- Country:
- India
SBI Life Insurance Company, based in New Delhi, announced a 6.6% fall in net profit, now at Rs 494.6 crore for the September quarter, compared to Rs 529.42 crore in the same period last year.
Meanwhile, the company's net premium income demonstrated substantial growth, rising to Rs 24,848 crore from Rs 20,266 crore. This increase signifies progress despite the dip in profit.
Amit Jhingran, MD and CEO, emphasized the importance of government GST reforms, expected to enhance insurance accessibility by 2047. Shares of SBI Life declined slightly, closing 0.6% lower at Rs 1,840.50 on the BSE.
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