SBI Life Insurance on Sunday reported a 26% growth in net profit at Rs 144 crore for the first quarter ended June 30, over the corresponding period an year ago.
The private sector insurance company had posted a net profit of Rs 114 crore in the April-June quarter of the previous fiscal.
The total premium income of the company recorded a 13% growth at Rs 1,935 crore, SBI Life said in a statement.
"We are determined to simulate our quality of products and services offering sustainable wealth creation opportunities to our customers," SBI Life managing director & chief executive officer MN Rao said.
The company's renewal premium income grew by 42% during the quarter to Rs 1,042 crore.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance. SBI owns 74% of the total capital in the joint venture and BNP Paribas Assurance holds the remaining 26%.
The company's assets under management grew by 33% at Rs 40,070 crore at the end of June quarter. The paid up capital of SBI Life stood at Rs 2,000 crore.
{{/usCountry}}The company's assets under management grew by 33% at Rs 40,070 crore at the end of June quarter. The paid up capital of SBI Life stood at Rs 2,000 crore.
{{/usCountry}}During the quarter, the company focused on controlling expenses and increasing persistency, which helped it improve performance, the statement added.