India’s SBI Life Insurance Company (SBIL.NS), opens new tab posted a 36% rise in first-quarter profit on Wednesday, as premiums were boosted by strong demand for market-linked products.
The insurer’s profit rose to 5.2 billion rupees ($62 million) for the three months ended June 30 from 3.81 billion rupees, a year earlier.
Net premium income increased about 15%, while investment income rose 32%.
Demand for market-linked insurance plans (ULIPs) has jumped sharply in recent quarters driven by a rally in India’s equity market. Benchmark indexes NSE Nifty 50 (.NSEI), opens new tab and the S&P Sensex (.BSESN), opens new tab hit record highs in recent months on strong economic growth outlook and foreign fund inflows.
Source: REUTER
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