SBI Life Insurance announced reaching a net profit of ₹532.38 crores in the fourth quarter of the financial year 2020-21, which is almost similar to its net profit at ₹530.67 crores which was reported during the same period of the financial year 2019-20.

SBI Life Insurance is a joint venture life insurance company between State Bank of India, which is the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. The net profit of SBI Life Insurance increased from 2.36% to ₹1,455.85 crores in FY21 as compared to ₹1,422.17 crores in FY20. For the quarter ended March 31, 2021, its net premium income grew strong 31.1% to ₹15,555.74 crores as compared to ₹11,862.98 crores in the same period of the previous fiscal. Its 13th-month solvency ratio stood at 87.92% as of March 31, 2021, as compared to 86.14% for FY20. The solvency ratio stood at 2.15 as of March 31, 2021, versus 1.95 as of March 31, 2020.

In a statement on Monday, SBI Life Insurance reported that the Assets under management has grown by 38% from ₹1.6 lakh crore as of March 31, 2020, to ₹2.2 lakh crore as of March 31, 2021, with a debt-equity mix of 73:27 and more than 90% of the debt investments are in AAA and sovereign instruments.