SBI Life profit falls 43% in Q1

Mumbai: SBI Life has reported a 42.9% year-on-year (YoY) drop in its June quarter (Q1) profit to ₹223.16 crore largely on the back of provisions made for Covid-19 related losses.

The insurer said that considering Covid-19 claims, it has made an additional reserve amounting to ₹444.72 crore as of June 30.

“The company will continue to closely monitor any future developments relating to Covid-19 which may have any impact on its business and financial position,” it added in regulatory disclosures to stock exchanges.


SBI Life settled 8,956 death claims amounting Rs 570 crore from Covid-19 in the quarter, it said in its investor presentation. The insurer also disclosed that there was 1.28 times increase in the number of claims reported from FY21 to Q1FY22.