SBI Life Insurance on Tuesday reported 6 per cent increase in net profit to Rs 225.47 crore for the second quarter ended September 30 of the current fiscal.This is the maiden quarterly result by the company after it got listed early this month.
SBI Life had posted a profit of Rs 212.76 in the July- September quarter of last fiscal, 2016-17. SBI Life IPO: All You Need To Know About This Biggest IPO
In a regulatory filing, the company said it collected net premium of Rs 5,384.57 crore in the July-September 2017-18, up from Rs 4,921.47 crore in the year-ago period.
The 'first-year' premium was Rs 2,039.03, as against Rs 1,392.31 in the July-September period of last fiscal.
"In view of the seasonality of the industry, the financial results for the quarter and half year ended September 30, 2017 are not indicative of the full year's expected performance," the filing said.
The filing further said the previous period's/ year figures have been regrouped/reclassified/restated wherever necessary to correspond with the current quarter classification. SBI Life's stock was trading 1.7 per cent up at Rs 666.75 in the afternoon on BSE.