Why Shares Of Indian Insurance Giant SBI Life Are Shooting Higher Today

Indian insurance giant SBI Life Insurance Company Ltd’s shares surged over 8.5% in the early morning Asian session as the firm reported an 18% rise in its net profit and strong growth in premiums. 

Upbeat Numbers: SBI Life reported strong growth in new business premiums by 67% to 55.9 billion rupees. The figure indicates the insurance premium that is due in the first policy year of a life insurance contract or a single lump sum payment from the policyholder.

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Its individual new business premium shot up by 87% to 34.3 billion rupees in the quarter ending June. The figure shows an insurance premium that is due in the first policy year of an individual life insurance contract.

SBI Life’s assets under management grew by 13% from 2,315.6 billion rupees as of June 30, 2021, to 2,623.5 billion rupees as of June 30, 2022.

Net Worth: The company’s net worth rose by 11% from 105.8 billion rupees as of June 30, 2021, to 117.6 billion rupees as of June 30, 2022.

Price Action: Shares of the firm were trading close to their lifetime high on Friday, trading near 1,290 rupees. If it breaches the resistance of 1,292 rupees convincingly, the shares could shoot up further.