Life Insurance News

SBI Life Insurance Company added 1.76% after the company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.

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SBI Life net profit up 71%

The life insurer's net premium income grew by 11.25% YoY to Rs 24,827.54 crore in Q3 FY25. However, the company reported a loss of Rs 6,281.65 crore from investments during the December quarter FY25, compared to an income of Rs 16,468.64 crore in the same period of FY24.

The company's net worth grew by 15% YoY to Rs 16,590 crore in Q3 FY25 as compared to Rs 14,430 crore recorded in Q3 FY24.

SBI Life reported a robust solvency ratio of 2.04 as on 31 September 2024 as against the regulatory requirement of 1.50, indicating a strong financial position of the company.

Shriram Life Insurance Company eyes 3-fold rise in AUM by '30

Shriram Life Insurance Company plans a three-fold rise in assets under management (AUM) by 2030, growing from Rs 13,000 crore by focusing on rural India and using technology, said the top executive of the insurer.

The company's retail new business was seen at Rs 865 crore in April-December 2024, growing 49 per cent over the same period in the previous year. The company's Individual New Business APE, a focus area, grew 49 per cent - faster than private industry (19 per cent). Shriram Life's total premium for April-December 2024 stood at Rs 2,782 crore, growing 21 per cent from the year before. The company expects its AUM to cross Rs 15,000 crore in FY26.

"We expect to grow three-fold rise in our AUM by 2030, if we continue with the present growth of 20 per cent CAGR (compound annual growth rate) in the next five years," said Casparus J H Kromhout, managing director and chief executive officer, Shriram Life Insurance.

LIC gets Rs. 105 crore notice for short payment of GST

LIC said it has received a demand notice of about Rs 105.42 crore for short payment of Goods and Services Tax (GST) for seven financial years.