SBI Life Insurance posts higher Q3 profit on policy renewals, new sales
Its profit rose 71% to 5.51 billion rupees ($63.6 million) for the quarter ended Dec. 31, from 3.22 billion rupees a year earlier. The company's value of new business (VNB), or expected profit from new policies - one of the key metrics for insurers - rose 6% year-on-year to 42.9 billion rupees for the nine months to the end of December. Meanwhile, market- or unit-linked insurance plans (ULIP), which have a lower profit margin compared to term policies, accounted for 67% of SBI Life's overall product mix by individual APE during the quarter, up from 61% a year ago.