SBI Life Insurance released Q1 results, net profit increased by 45 percent, net worth also increased by 15 percent

SBI Life Insurance, the insurance unit of State Bank of India (SBI), the country's largest bank, has released the results of the first quarter of FY24 today. As a result, SBI Life Insurance reported a 45 percent jump in net profit to Rs 381 crore in the June quarter.
Releasing the results, SBI Life Insurance said that it earned a net profit of Rs 263 crore in the first quarter. SBI Life said in a release that the company's gross written premium grew 19 percent to Rs 13,560 crore during the June quarter as against Rs 11,350 crore in the year-ago period.
In addition, new business premium (NBP) grew by 11 percent to Rs 6,210 crore in Q1 FY2024, aided by 18 percent growth in single premium business.
The company's Assets Under Management (AUM) grew by 25 percent from Rs 2,62,350 crore as on June 30, 2022, to Rs 3,28,280 crore as on June 30, 2023, with a debt-equity mix of 69:31. Apart from this, the net worth of the company increased by 15 percent from Rs 11,760 crore as on June 30, 2022 to Rs 13,530 crore as on June 30, 2023.
If you are a customer of SBI, then the bank has issued a new update regarding the locker for you. Recently, under the new locker rule by the Reserve Bank of India (RBI), SBI has asked its customers to sign a new locker contract by visiting their nearest branch.
Let us tell you that under the order of RBI, all banks are required to sign a new agreement with 50 percent of the locker owners by June 30. At the same time, 75 percent of the lockers should be signed by 30 September and 100 percent by 31 December.