The large-cap share rose 2.5 percent hitting its 52-week high of Rs 1,444.2 from its previous close of Rs 1407.85 on Thursday after the company announced the appointment of the company’s managing director and chief executive officer.
In SBI Life Insurance, the shareholders have approved the appointment of Mr. Amit Jhingran, as the Managing Director and Chief Executive Officer of the Company. The company conducted a postal ballot. The remote e-voting process took place from October 31 to November 29, 2023.
The scrutinizer submitted their report on the results of the postal ballot, which showed that the members of the company had duly passed the Ordinary Resolution. The resolution is deemed to have been passed on November 29, 2023.
According to the SBI Life Insurance Company Limited report, the net revenue increased by 21 percent year over year, from Rs 16,477 crore in Q2FY23 to Rs 20,049 crore in Q2FY24. Their revenue rose by 52 percent sequentially from Rs 13,104 crore in Q1FY24 to the current levels.
In addition, the company’s net profit rose around 1 percent year over year, from Rs 376 crores in Q2FY23 to Rs 380 crores in Q2FY24. Their profit decreased by 0.2 percent on a quarterly basis from Rs 1,690.22 crore in Q1FY24 to the current levels.
The company’s Promoters hold a 55.4 percent stake in the company, with 26.1 percent owned by Foreign Institutional Investors, 4.1 percent owned by the General Public, and 14.2 percent owned by Domestic Institutional Investors.
In addition, the company has a debt-to-equity ratio of zero, indicating that it is debt-free. It has a 14 percent return on equity (ROE) and a 15 percent return on capital employed (ROCE).
SBI Life Insurance Company Limited is a large-cap company with a market capitalization of Rs 1,44,000 crores. The share price of SBI Life Insurance Company Limited has increased by 19 percent in the last six months and 15 percent in the year to date.
SBI Life Insurance Company Limited is an Indian life insurance company founded by the State Bank of India and the French financial institution BNP Paribas Cardif.
Written by Sriram KV
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