Insurance company SBI Life on Tuesday reported a growth of 45% in its net profit at 381 crore for the first quarter ended June 30 of the fiscal year 2024, as compared to 263 crore in the year-ago period. SBI Life said its net premium income rose 19% year-on-year at 13,104 crore for the June quarter, as compared to 11,036 crore a year ago. It registered 18% growth in individual new business premium at 4,060 crore in the first quarter, while the overall new business premium rose 11% at 6210 crore, aided by 18% growth in single premium business. Due to growth in individual protection business by 5%, the protection new business premium rose 12% at 780 crore in the quarter, the insurer said. According to IRDAI data, industry sales of policies fell year-on-year for each of the three months in the June quarter, following the central government’s proposal to withdraw tax incentives on insurance policies from April, but narrowed sequentially. SBI Life has approved the appointment of Amit Jhingran as the managing director and chief executive officer, the insurer said separately. SBI Life’s rivals ICICI Prudential and Life Insurance also reported double-digit growth in their Q1 profit earlier this month. Shares of SBI Life Insurance Co. closed down 1.24% at 1,300.80, ahead of results. Related Premium Stories