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Synopsis : SBI Life shares jump 3.18% to Rs 1460.35 on BSE; market cap hits Rs 1.45 lakh crore. Q4 profit up 4.3%, net premium income rises 26% YoY.
SBI Life shares climbed by 3.18% to Rs 1460.35 compared to the previous day's close of Rs 1415.25 on the BSE, pushing the firm's market capitalization to Rs 1.45 lakh crore.
Following the announcement of its earnings for the quarter ending March 2024, SBI Life Insurance shares saw an increase of over 3% in early trading on Monday, reaching Rs 1460.35 against the previous close of Rs 1415.25 on the BSE. Consequently, the firm's market cap rose to Rs 1.45 lakh crore.
The firm reported a year-on-year (YoY) increase in profit of 4.3% for the quarter ending March 2024, reaching Rs 811 crore compared to Rs 777 crore reported in the corresponding quarter of the previous financial year. Additionally, net premium income in Q4 surged by 26% YoY to Rs 25,116 crore.
A total of 3.74 lakh shares of the firm exchanged hands, amounting to a turnover of Rs 54.32 crore on the BSE. While SBI Life Insurance shares are currently trading lower than the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages, they remain higher than the 150-day and 200-day moving averages.
Over the past year, the stock has seen a gain of 27.20%, with a rise of 1.24% recorded this year. The stock hit a 52-week low of Rs 1129.55 on April 28, 2023, and a 52-week high of Rs 1571.95 on February 29, 2024.
In FY24, the company recorded an individual rated premium of Rs 17230 crore, capturing a 23.3% private market share. Individual New Business Premium grew by 14% to Rs 23,830 crore, while the New Business Premium (NBP) surged by 29% to Rs 38,240 crore.
Total assets under management increased by 27% to Rs 3,88,920 crore as of March 31, 2024, compared to Rs 3,07,340 crore as of March 31, 2023, with a debt-equity mix of 64:36. Notably, over 95% of the debt investments are in AAA and sovereign instruments.
