By Malvika Gurung
Investing.com — The life insurance major SBI Life Insurance Company (NS:) posted its earnings results for the March 2022 ending quarter on Thursday, beating a slew of Street’s estimates.
The insurer’s net profit surged 26.3% YoY to Rs 672.15 crore on higher premium, beating Street estimates of about Rs 579 crore, while its total revenue climbed 3% YoY to Rs 21,428 crore, compared to a forecast of Rs 13,734 crore in the March ending quarter.
The revenue climbed due to a rise in net premiums even though the investment income declined. At the same time, its operating profit gained 12% to Rs 694 crore, compared to Bloomberg’s estimate of Rs 673 crore.
The insurer’s net premium grew 12% to Rs 17,434 crore, to which renewal premiums contributed about 62%. For the financial year 2021-22, EPS rose to Rs 15.06 from Rs 14.56 and profit after tax grew 3% to Rs 1,506 crore.
The company’s assets under management (AUM) grew 20.8% YoY to Rs 2.67 lakh crore in the March quarter and its board declared an interim dividend of Rs 2/share in FY22.
Shares of the company ended 4% higher at Rs 1,116.85 apiece on Thursday.