New Delhi, Jul 25 (PTI) SBI Life Insurance on Tuesday reported a 45 per cent increase in net profit at Rs 381 crore for the June quarter.

The private sector life insurer, promoted by country's largest lender SBI, had posted a net profit of Rs 263 crore during the April-June period of 2022-23.

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The company's gross written premium during the June quarter rose 19 per cent to Rs 13,560 crore as against Rs 11,350 crore in the year-ago period, SBI Life said in a release.

New Business Premium (NBP) has grown 11 per cent to Rs 6,210 crore in Q1 FY24, aided by growth in single premium business by 18 per cent, it said.

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Asset under management grew by 25 per cent from Rs 2,62,350 crore as on June 30, 2022, to Rs 3,28,280 crore as on June 30, 2023, with a debt-equity mix of 69:31, it said.

The company's net worth increased by 15 per cent from Rs 11,760 crore as on June 30, 2022, to Rs 13,530 crore as on June 30, 2023, it added.

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